Answer:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Explanation:
Since the estimated overhead amounting to $110,000 are greater than the actual overheads amounting to $106,000, therefore the overheads are overapplied by $4,000.
The journal entry to disposed off the overapplied overheads are given below:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Answer: True
Explanation: Cumulative preferred shares of a company carries some special rights as per law. The holders of such stock must be paid any current or prior period accrued dividends before any payment of dividend to common shareholders. The dividends of such shareholders is fixed in nature.
Also in the event of liquidation they will be preferred before any common stock holders.
Thus, the given statement is true.
Answer:
Correct option is B.
The net benefit of the activity you would have chosen if you had not taken the course
Explanation:
Your opportunity cost of taking this course is <u>the net benefit of the activity you would have chosen if you had not taken the course
</u>
Opportunity cost is what you must sacrifice when you choose an activity. By taking this course, you are sacrificing the benefit you could have obtained from the activity you would have chosen if you had not taken the course.
Answer:
prepayment penalty, maintain, insurance, mortgage
Explanation:
Prepayment penalty clause relates to the situation that the borrower shall not prepay the borrowed amount as to the creditor it will be loss in the form of interest, thus, it do not want that the borrower shall collect from any other source.
The property should not loose its value, or the value shall not be degraded as that will result in loss, as when the borrower fails to repay the loan, creditor has the right to sell it, if it will not be maintained the value will degrade.
Insurance is required so that same as in above mentioned point that the value is not lost, and then the value of loan is fully recoverable.
If the value of loan exceeds 80% of value of property there shall be mortgage as the lender ensures his payment and no failure shall be there.
Answer: Research and development
Explanation: Primary functions are those functions which ensures that the essential requirements to operate the business efficiently are met. These require monitoring by the second level managers of the organisation.
Production, marketing and finance are the basic needs of an organisation for living in the market. Research and development is not an activity without which the business won't be able to run.
Thus, we can conclude that the right answer is Option A.
