preparing a bank reconciliation blank . (check all that apply.) multiple select question. is a sound internal control procedure is required by all banks helps a company to determine the correct cash balance is required by gaap provides a comparison of the bank balance and the company's cash balance

Answers

Answer 1

A bank reconciliation statement provides a summary of banking activities and enables both people and businesses to contrast their records with those of the bank.

Are bank reconciliations prepared as internal controls?

In order to prevent and detect fraud, bank reconciliations are a crucial internal control tool. By explaining the discrepancies between the cash balances in the accounting record and the bank balance position according to the bank statement, they also assist in identifying accounting and banking problems.

Does internal auditing include bank reconciliation?

For the majority of businesses, bank reconciliations are an internal control. It is a method for spotting fraud, avoiding mistakes, and, most importantly, confirming that the cash on the balance sheet is, in fact, accurate.

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Related Questions

Suppose romaine lettuce is a normal good. Suppose further incomes in the economy are rising. Everything else held constant, this will cause the _____ romaine lettuce to _____.

Answers

Answer:

Demand for

Increase

Explanation:

A normal good is a good whose demand increases when income rises and whose demand falls when income falls.

So if income is rising, the demand for the lettuce should increase.

I hope my answer helps you

Imagine that there are only two nations in the world, the United States and Mexico. If Americans buy more goods made in Mexico, other things constant, the
A. U.S. demand curve for Mexican pesos will shift rightward
B. U.S. demand curve for Mexican pesos will shift leftward C. U S. supply curve of Mexican pesos will shift leftward
D.U.S. supply curve of Mexican pesos will shift rightward

Answers

A. U.S. demand curve for Mexican pesos will shift rightward. So, the correct option is A.

When Americans buy more goods made in Mexico, they need to acquire Mexican pesos to make those purchases. This increases the demand for Mexican pesos in the United States. As a result, the U.S. demand curve for Mexican pesos will shift rightward, indicating an increase in the quantity of Mexican pesos demanded at each exchange rate.

In this scenario, the increase in demand for Mexican pesos reflects the increased trade between the United States and Mexico. As Americans purchase more Mexican goods, they need to exchange their U.S. dollars for Mexican pesos, increasing the demand for pesos.

The shift of the demand curve to the right indicates that at any given exchange rate, Americans are willing to buy a larger quantity of Mexican pesos. This can lead to an appreciation of the Mexican peso relative to the U.S. dollar, making Mexican goods relatively more expensive for American consumers and potentially impacting the balance of trade between the two countries.

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what is the problem with the definition of the following method that calculates and returns the tax due on a purchase amount?

Answers

The problem with the definition of the method that calculates and returns the tax due on a purchase amount is that it doesn't specify the tax rate or consider any potential variations in tax rates based on location or other factors.

The method needs to take into account the tax rate that applies to the purchase amount, as this can vary depending on the jurisdiction or location of the purchase. For example, in the United States, state and local tax rates can vary widely from one location to another.

Additionally, there may be exemptions or special tax rates that apply to certain types of purchases or customers.

To address this issue, the method should either accept the tax rate as a parameter or retrieve it from a tax rate database based on the location or other relevant factors. This will ensure that the method calculates the correct tax amount based on the applicable tax rate.

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Which of the following is the least profitable investment for a candy shop that earns $1 revenue per pound of candy? (5 points) Group of answer choices Worker at $10 per hour, producing eight pounds of candy per hour Worker at $12 per hour, producing 16 pounds of candy per hour Machine with $5 per hour operating cost, producing 10 pounds of candy per hour Machine with $8 per hour operating cost, producing 14 pounds of candy per hour

Answers

Answer:

d

Explanation:

it was on the test really simple

Answer:

Worker at 10 dollars per hour, producing 8 pounds of candy

Explanation:

Got it right on the test

Describe the advantages and disadvantages of the graphic rating scale performance appraisal method currently used. Could this method be adjusted to better reflect team performance, and if so, how

Answers

Advantages of graphic rating scale method include ease of use and simplicity, but disadvantages include potential subjectivity and lack of detailed feedback.

To adjust for team performance, the graphic rating scale could incorporate metrics that are specific to team goals and objectives, and could be evaluated based on team achievements rather than individual performance.

Additionally, incorporating peer evaluations and input from team leaders could provide a more comprehensive assessment of team performance.

This adjustment could provide a more accurate and fair evaluation of team performance, while still maintaining the ease of use and simplicity of the graphic rating scale method.

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70 of 500 respondents say they would visit a trampoline park. What percentage of respondents is this?
a. 14%
b.15.5%
c.17%
d.18.9%

Answers

Answer:

a. 14%

Explanation:

Total respondents = 500

100% = 500

1% = 500 ÷ 100 = 5

Since 1% of the 500 respondents is 5 people...

70 ÷ 5 = 14

70 of 500 respondents say they would visit a trampoline park. Thus, the percentage of respondents is 14%. Therefore, option 'A' is the correct option.

What is a percentage?

Total respondents = 100% = 500

Therefore, 1% = 500 ÷ 100 = 5

Since, we know that 1% of the 500 respondents is 5 people

70 ÷ 5 = 14

A % in mathematics is a quantity or ratio that is stated as a fraction of 100 (from the Latin per centum, "by a hundred"). Although the abbreviations "pct.", "pct.", and occasionally "pc" are also used, the percent symbol, "%," is frequently used to indicate it. A % lacks dimensions and has no associated unit of measurement.

Long before the decimal system was invented, computations in Ancient Rome were frequently done using fractions that were multiples of 1/100. Centesima rerum venalium, for instance, was a 1/100 tax imposed by Augustus on commodities that were sold at auction. These fractions might be calculated in the same way as percentages.

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Suppose that we have four observations (X,Y): (0,3).(0.1),(2,5), and (2,3). We wish to estimate the model Y₁-Bo+8₁₁+u; using the OLS estimation. What are the regression coefficients (BoB 1)? (2,1) (2,-1) (0,0)

Answers

Using OLS estimation, the regression coefficients (BoB 1) is 2,1)

The linear regression model is: Y = β₀ + β₁X + ε.

Now, we have to estimate the values of β₀ and β₁ using OLS method. The slope and intercept of the regression line can be calculated using the following formulas

β₁ = (N∑XY - (∑X)(∑Y)) / (N∑X² - (∑X)²)

Here, N = 4, ∑X = 4.1, ∑Y = 13, ∑XY = 35.2, and ∑X² = 8.41.

Plugging these values in the formula, we get: β₁ = (4 × 35.2 - 4.1 × 13) / (4 × 8.41 - (4.1)²) = 1.002

Approximating the value of β₁ to two decimal places, we get: β₁ ≈ 1.00

Using this value of β₁, we can calculate the value of β₀ using the formula:

β₀ = (∑Y - β₁(∑X)) / N

Plugging in the values, we get:

β₀ = (13 - 1.002 × 4.1) / 4 ≈ 2.15

Thus, the estimated values of β₀ and β₁ are (2.15, 1.00), which is the third option. Therefore, the correct Answer is (2, 1).

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In the expectations-augmented Phillips curve, π = πe - 3(u - 0.05). The inflation rate is 0.08, expected inflation rate is 0.02. The natural unemployment rate is

a. 0.18.

b. 0.02.

c. 0.06.

d. 0.03.

Answers

The natural unemployment rate (u) is 0.03, which corresponds to option d. 0.03.

The natural unemployment rate can be determined by using the expectations-augmented Phillips curve equation. Given the inflation rate (π) as 0.08 and the expected inflation rate (πe) as 0.02, we can calculate the natural unemployment rate.

In the expectations-augmented Phillips curve equation, π represents the inflation rate, and πe represents the expected inflation rate. The equation is given as π = πe - 3(u - 0.05), where u represents the unemployment rate.

Given that π = 0.08 and πe = 0.02, we can substitute these values into the equation:

0.08 = 0.02 - 3(u - 0.05)

Simplifying the equation:

0.08 = 0.02 - 3u + 0.15

Moving the terms:

0.08 - 0.02 - 0.15 = -3u

-0.09 = -3u

Dividing by -3:

0.03 = u

Therefore, the natural unemployment rate (u) is 0.03, which corresponds to option d. 0.03.

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How to calculate momentum?​

Answers

Answer:

p=mv

Explanation:

the formula for momentum is

p=mv

Answer:

By multiplying mass and velocity

Explanation:

How can you make sure there is value in your communication?

Answers

Answer:

Something you can do is to ask the person to write notes on the board, or give them a drink of water, hand them a marker, or get them to stand up. Do something that will force them to change their positioning. If you can learn to read body language you can tailor your communication in order to maximize influence.

Explanation:

Jonathan is a photographer. He has been hired by a company to shoot an advertisement for their product. Which role does Jonathan play in the advertising process for the product? Jonathan plays the role of a in the advertising process for the product.

Answers

Jonathan is a photographer. He has been hired by a company to shoot an advertisement for their product. Jonathan plays the role of a consultant in the advertising process for the product.

What is a consultant?

Generally, A professional who, in addition to providing advice, engages in additional activities that serve a purpose related to their area of expertise is known as a consultant. As a kind of contingent labor, consulting services are often classified as falling within the umbrella of professional services.

Consultants, who are often known as management consultants, assist businesses in dealing with change and finding solutions to issues in order to make such businesses run more effectively and, as a result, more financially.

In order to assist their client organizations in becoming more successful in their commercial endeavors, consultants provide them with guidance and knowledge.

In conclusion, Since Jonathan was brought in from outside the organization to do a particular task, I would classify him as a contract employee, sometimes known as a consultant.

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CQ

Jonathan is a photographer. He has been hired by a company to shoot an advertisement for their product. Which role does Jonathan play in the advertising process for the product? Jonathan plays the role of a ____ in the advertising process for the product.

Suzie pays her insurance company every month for coverage for her car. This payment is called the ___. deductible premium contribution liability

Answers

Answer:

premium

Explanation:

Premium is the term given to the regular and periodic payments that the insured makes to the insurance companies. Premiums are the payments for the insurance coverage.

Insurance coverage is a contract between the insurance company and the customer. As per the contract agreement, the company provides insurance coverage, and the customer pays premiums. In other words, Premium is the consideration for the insurance coverage.

Who carries the animal from the farm to the market or packer?
A. Producer
B. Proccessor
C. Transporter
D. Consumer

Answers

Answer:

was it a passage u had to read?

Explanation:

Answer:

Transporter

Explanation:

You are transferring the animal to the market from the farm.

QUESTION 6 of 10: A business with two owners where the profits are taxed as income to the owners is most likely a:
a) Sole proprietorship
b) Partnership
c) Corporation
Submit
©2021

Answers

Answer:

partnership

Explanation:

just took quiz

A business with two owners where the profits are taxed as income to the owners is most likely a partnership. The correct option is (b).

What do you mean by the partnership?

A partnership is a type of business where two or more persons jointly own the company and are responsible for managing it and for any profits or losses it makes.

Any project that many parties work on together is considered a partnership. Governments, charitable organisations, businesses, or private persons may be the parties. A partnership's objectives can also differ greatly.

The blend of general partnerships and limited liability partnerships is a limited partnership.

Therefore, a business with two owners where the profits are taxed as income to the owners is most likely a partnership.

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What are federal income taxes?

Answers

Answer:

Federal tax is the money used by the government of a country to pay for the growth and upkeep of the country. Some look at federal tax as "rent"

Explanation:

Income taxes im the United States are imposed by the federal government and most states

Income taxes are determined by applying a tax rate, which may increases, to texable income, which is the total income less allowable deductions.

Levi has always wanted to be a lawyer, but the top career cluster for him, according to his personal assessment, is the Arts, A/V Technology, and Communications cluster. What would be a mistake for Levi after taking the personal assessment? giving up on being a lawyer researching the Arts, A/V Technology, and Communications career cluster talking about the test with a school counselor researching the Law career cluster

Answers

Answer:

A) Giving up on being a lawyer

Explanation:

Just because some test told Levi he was good at the Arts, A/V Technology and communications cluster. Doesn't mean it he has to give up on his goal.

Answer:

A. giving up on being a lawyer

Explanation:

Edge 2021

Why does demand rise when house prices increase? (Macroeconomics)

Answers

Answer: If house prices rise, then the wealth effect is likely to cause an increase in consumer spending. This will cause higher Aggregate Demand (AD), and it is likely to cause an increase in Real GDP and a higher rate of economic growth.

Explanation:

A US based company is attempting to merge with a French National conglomerate. With IFRS and GAAP being so different, what would be some of the challenges the two sides may face with the merger from an accounting standpoint?

Answers

The merger between a US-based company and a French National conglomerate can pose several challenges from an accounting standpoint due to the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP). Some of the challenges they may face include:

Accounting Principles: IFRS and GAAP have different underlying principles and concepts. IFRS is principles-based, emphasizing substance over form, while GAAP is rules-based, providing specific guidelines for various transactions. The differences in accounting principles can lead to variations in the recognition, measurement, and presentation of financial information.

Financial Statement Presentation: IFRS and GAAP have different requirements for financial statement presentation. The formats and classifications of items on the balance sheet, income statement, and cash flow statement may vary between the two sets of standards. This can make the comparison and consolidation of financial statements challenging.

Revenue Recognition: IFRS and GAAP have differing guidance on revenue recognition, particularly in areas such as the timing of revenue recognition, multiple-element arrangements, and percentage-of-completion method for long-term contracts. Aligning the revenue recognition policies of the merging entities can be a complex task.

Valuation of Assets and Liabilities: IFRS and GAAP may have different rules for the valuation of assets and liabilities, such as inventory, property, plant, and equipment, intangible assets, and financial instruments. Differences in valuation methodologies can impact the reported values of assets and liabilities, which can have implications for financial ratios, financial performance, and tax implications.

Business Combinations and Goodwill: IFRS and GAAP have different requirements for accounting for business combinations and the subsequent treatment of goodwill. For example, IFRS allows for the option of measuring goodwill at cost or using the impairment model, while GAAP follows a more strict impairment-only model. This can result in differences in the recognition and measurement of goodwill and the related impact on financial statements.

Disclosures: IFRS and GAAP have varying disclosure requirements, with differences in the level of detail and specific disclosures mandated for certain transactions and events. Harmonizing the disclosure requirements can be a complex task to ensure compliance with both sets of standards.

These are just a few examples of the challenges that may arise during the merger process from an accounting standpoint. It is crucial for the merging entities to have a thorough understanding of the differences between IFRS and GAAP and work closely with accounting professionals and advisors to address these challenges effectively and ensure accurate financial reporting and compliance with relevant regulations.

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What effect has the use of lifo inventory costing had on ge's pretax income and tax expense for 2009 only (assume a 35% income tax rate)? (round answers to the nearest whole number. )

Answers

The effect of using LIFO inventory costing on Ge's pretax income and tax expense in 2009 would be to increase pretax income using LIFO by the difference between the two formulas, and to increase tax expense using LIFO by the difference between the two tax rates.  

The use of LIFO inventory costing results in higher reported pretax income and lower reported tax expense for a company. This is because LIFO assumes that the most recently purchased inventory is sold first, while FIFO assumes that the oldest inventory is sold first.

Assuming a 35% income tax rate, the use of LIFO for Ge's pretax income and tax expense in 2009 would be as follows:

Pretax income using LIFO:

(Beginning inventory at end of 2008 x LIFO cost formula) - (Purchases during 2009 x LIFO cost formula) = Pretax income using LIFO

Pretax income using FIFO:

(Beginning inventory at end of 2008 x FIFO cost formula) - (Purchases during 2009 x FIFO cost formula) = Pretax income using FIFO

Tax expense using LIFO:

(Pretax income using LIFO x LIFO tax rate) = Tax expense using LIFO

Tax expense using FIFO:

(Pretax income using FIFO x FIFO tax rate) = Tax expense using FIFO

Therefore, the effect of using LIFO inventory costing on Ge's pretax income and tax expense in 2009 would be to increase pretax income using LIFO by the difference between the two formulas, and to increase tax expense using LIFO by the difference between the two tax rates.  

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assume that the risk-free rate is 4.5% and the market risk premium is 7%. what is the required return for the overall stock market? round your answer to one decimal place.

Answers

The required return for the overall stock market can be calculated using the Capital Asset Pricing Model (CAPM).

According to the model, the required return equals the risk-free rate plus the product of the market risk premium and the stock's beta (systematic risk). Since we don't have the beta for the overall stock market, we cannot calculate the exact required return. However, we can estimate it using historical data or the average beta of a large sample of stocks. Assuming a beta of 1 (which represents the overall market), the required return would be 11.5% (4.5% + 7%). It is important to note that this is an estimate and that the actual required return may vary depending on changes in market conditions, economic factors, and company-specific risks.

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3. ______ are defined as goods or services that are required for health and safety.

Answers

Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.

What is the safety of goods?

A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.

Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.

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Cash flow to creditors equals:____
a. interest paid minus net new borrowing
b. stock repurchased plus interest paid
c. interest paid plus net new borrowing
d. interest plus dividends paid

Answers

Cash flow to creditors equals interest paid plus net new borrowing.

A cash flow from creditors is defined as the total cash flow which a creditor collects from the interest on a loan.

Cash Flows to Creditors is calculated by using the following formula:

CFC = I – E + B

Where CFC is considered as the cash flow to creditors

I is denoted as the total interest paid

E is the denotion of  ending long term debt

B is the denotion of beginning long term debt

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MARKING BRAINIEST

Type the correct answer in the box.

Spell all words correctly.

What does stand for in the formula to calculate moving averages?
The moving averages method of sales forecasting has the formula:

In this formula, stands for

MARKING BRAINIESTType the correct answer in the box. Spell all words correctly.What does stand for in

Answers

Answer:

Sales

Explanation:

S stands for sales. The moving averages formula uses sales figures from the previous periods to forecasts future sales.  For example,

say, sales for 2015 were 100; 2016 were 120; 2017 were 110; and 2018,..130. Using the formula, the forecast for 2019 will be

Forecast 2019 = Sales 2015 + Sales 2016+ Sales 2017+ sales 2019 / 4

Forecast 2019 = 100 + 120 +110 + 130 / 4

Forecast 2019=115

Answer:

"sales for the latest month"

Explanation:

I got it right :)

MARKING BRAINIESTType the correct answer in the box. Spell all words correctly.What does stand for in

Debbie has $60 to spend on clothes. She wants to buy a pair of jeans for $18 and spend the rest on t-shirts. Each t-shirt costs $8. At most, how many t-shirts can she buy?

Answers

Answer:

6

Explanation:

6*8=48, 48+12=60

Answer:

She can only buy 5 shirts

Explanation:

60-18=42

42 divided by 8 is about 5

The first step in conducting a background investigation is to_________

A) Provide certification to the reporting agency

B) Obtain permission from the employee

C) Provide copies of the background reports to the employee

D) Give notice to the employee if a problem is found during the investigation

Answers

Answer:

B) Obtain permission from the employee.

Explanation:

When business organizations or companies require the employment of new employees (staffs or workers), they usually use series of recruitment procedures and processes. This is to ensure that, the employee to be employed by the company is fit, eligible and qualified for the position.

In conducting a recruitment, employers seek to acquire sets of information about the employee based on factors such as mental health, criminal history, financial debt, education, medical health, employment history, temperament, references, emotional psych, license etc

However, the first step in conducting a background investigation is to obtain permission from the employee by ensuring or requesting that he or she fill out an employment application form for the job position (vacancy) advertised. Also, when conducting a background investigation on an applicant or employee, it is important that the informations gathered are kept confidential and in accordance with state laws.

Answer:

You must obtain permission of the employee first

Explanation:

Decreasing the money supply when the economy is at full employment will lead to a lower aggregate price level in the short run, but no change in the aggregate price level in the long run as the economy self-corrects and returns to full employment. O True O False

Answers

The statement is false because decreasing the money supply when the economy is at full employment will lead to a decrease in aggregate demand, causing a decrease in output and an increase in unemployment in the short run.

This is known as a contractionary monetary policy, which can have both short-run and long-run effects on the economy. In the short run, it can lead to a decrease in aggregate demand, which can cause a decrease in output and employment. In the long run, it can affect the potential output of the economy and the long-run aggregate supply.

The economy may adjust to a new long-run equilibrium with a lower level of output and employment than before the contractionary policy.

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A website such as Lucky Brand can target each of the following with remarketing, except Group of answer choices everyone that has visited any page on Lucky Brand's website anyone who has visited only Lucky Brand's homepage visitors to the Lucky Brand site who did not make a purchase visitors to Lucky Brand who have also visited a competing brand

Answers

Answer: visitors to Lucky Brand who have also visited a competing brand

Explanation:

Remarketing us an online targeted advertising whereby customers are targeted based on the previous internet behaviour that they had. It's done in order for a company to be able to connect with the people who have interacted previously with the company's website.

Remarketing can be used to target everyone that has visited any page on Lucky Brand's website, people who visited only Lucky Brand's homepage and the visitors to the Lucky Brand site who did not make a purchase.

It should be noted that it can't be used to target visitors to Lucky Brand who have also visited a competing brand.

Equity equals to: A. Total liabilities plus current assets B. Current assets plus non-current assets less total liabilities. C. Capital plus drawings. D. Total assets less total liabilities.

Answers

Equity equals to current assets plus non-current assets less total liabilities. This is the main answer to this question. Equity represents the owner's interest in the company after all debts have been paid through production. The explanation is that equity is the net assets that remain after all liabilities have been paid off. Shareholders' equity or owner's equity is the value of an entity's assets minus its liabilities.

When calculating equity, both the assets and liabilities are taken into account. It is also sometimes referred to as shareholder equity or owner's equity. Equity is important in measuring a company's financial performance because it represents the net worth of the company. Equity is also an important indicator of the health of a company, as it provides an indication of how much the company's owners have invested in the business. A long answer in 100 words is that Equity is a measure of a company's net worth, which represents the assets that remain after all liabilities have been paid off.

It is calculated by subtracting the total liabilities from the total assets. The shareholders' equity or owner's equity is the residual interest in the assets of the company after deducting the liabilities. The equity is important in measuring the financial health of a company, as it provides an indication of how much the company's owners have invested in the business. It is also an important indicator of a company's performance, as it represents the net worth of the company.

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Can someone co-sign on multiple car loans?


I want to get a car right now, but my mom is co-signing on my sister's car. Is she able to co-sign on my car loan as well, or can she only co-sign on one?

Answers

Answer:

Yes

Explanation:

I believe so as long as you do the credit check and as long as you can afford the price you should be fine.

I am not 100% sure but I am pretty sure you can. Make sure you get others answers before making a definite decision.

Hope this helps and if it does, don't be afraid to give my answer a "Thanks" and maybe a Brainliest?

Answer:

She should be allowed to co-sign both of you.

Explanation:

Disclaimer: Not an expert on this topic, but can give you relevant info I found.

I goog.led it and it said that she can infact co-sign both of you if she has good enough credit history and is financially stable. Here's the websites that say that:

"You can even co-sign multiple car loans at the same time."

https://www.autocreditexpress.com/blog/can-i-cosign-if-i-have-a-car-loan-already/

https://itstillruns.com/can-cosign-multiple-cars-7746994.html

P.s. the car dealer you go to can also clarify these things more clearly or your bank would be more credible so feel free to reach out to them.

Select all that apply.
Select all reasons data mining is important to businesses.
It cuts costs.
It identifies long-term goals.
It solves problems.
It increases profits.

Answers

It cuts cost

I sole’s problems increase profits

Answer:

a,c,d

Explanation:

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