Salvage is a type of operation that involves methods and operating procedures that are aimed primarily at the reduction of primary and secondary damage incurred during fire suppression activities.
What is fire suppression activity?
All actions are taken to contain and put out a fire after it has been discovered, including immediate attack, sustained attack, limited action, delayed action, and observation and monitoring.
Any fire can be put out by cooling it down, covering it, starving it, or stopping the combustion process altogether. Cooling with water is one of the most typical ways of putting out a fire.
Salvage covers tasks that must be completed in order to avert both direct and indirect fire damage as well as to lessen the impact of firefighting operations. Losses resulting from water, smoke, and firefighting activities are included.
The purpose of Salvage is to lessen the damage caused by a fire's heat, smoke, water, cold, or whether both during and after the fire.
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The variance for net operating income in the revenue and spending variance column on the flexible budget performance report) for September would be closest to $910.
Explanation:
Following are the cost which are listed as follows,
- Variable element per month client-visit Revenue = $44.50
- Personnel expenses= $26,100 $12.60
- Medical supplies= 6007.20
- Occupancy expenses= 6,500
- Administrative expenses= 3,100
- Total expenses= $36,300 $22.30
- Actual results achieved in the month of September is as under:
- Revenue= $93,240
- Personnel expenses= $50,754
- Medical supplies= $15,328
- Occupancy expenses =$11,646
- Administrative expenses= $3,394
- The formula for net operating income is calculated by subtracting the operating expenses from the total revenues.
- A flexible budget variance is known as the difference between the results incurred by a flexible budget model and the actual results.
- For the month of September, the cost would be closest to $910.
Answer:
c. Materiality
Explanation:
The relevance of information is affected by its materiality. Information is material if omitting it or misstating it could influence decisions that users make on the basis of financial information about a specific reporting entity.
An error which is too trivial to affect a user’s understanding of financial statement is referred to as immaterial. There is no absolute measure of materiality that can be applied to all businesses. In other words there is no rule that says any item greater than 5% of profit must be material. Whether an item is material or not depends on its magnitude or its nature or both in the context of the specific circumstances of the business.
So based on the above discussion, the answer is c. Materiality
Answer:
The correct answer is letter "A": Accrual-basis revenues exceed cash collections from customers.
Explanation:
Revenue collected in advance are profits collected usually at the beginning of a contractual agreement that implies obligations from the firm for a certain time. For instance, insurance companies charging a one-time payment for an annual policy fall into this category.
The accrual basis of accounting states that profits are reported on the income statement as they are earned. In that case, if the revenue collected in advance decreases, the accrual-basis revenues will be higher than the cash collections from customers under the advanced payment method.
Answer:
$4,000 gain
Explanation:
The computation of the tom income or loss is shown below:
= Number of shares × (market price sold - fair value of share price)
= 2,000 shares × ($12 per share - $10 per share)
= $4,000 gain
This is the answer and the same is not provided in the given options.
We simply take the difference between the market price sold and the fair value of share price and then multiply it by the number of shares so that the correct amount can come
All other information which is given is not relevant. Hence, ignored it
