Ag Praxis 2 (5701) #2 exam 2023 with verified solutions

enterprise records correct answersprovides content, processes and connectivity to help you maintain and provide a record of compliance for electronic and physical records. Enterprise Budget correct answersan estimate of the costs and returns to produce a product and helps allocate land, labor, and capital to the appropriate use. Enterprise budgets can be used to help make decisions such as pricing products, comparing production practices, or developing a product mix that matches business goals. Balance Sheet correct answersa statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period. Cash Flow Statement correct answersa financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company. measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses. Components of a completed inventory correct answersRaw materials. This is the source material for a company's manufacturing process. ... Work in process. This is raw materials that are in the process of being transformed into finished products through a manufacturing process. ... Finished goods. Merchandise. Depreciation correct answersa reduction in the value of an asset with the passage of time, due in particular to wear and tear. Income and Expense Statement correct answersLists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year