<h2>Estimated losses on the overall contract are recognized before the contract is completed. </h2>
Explanation:
Revenue recognition cannot be done prior to the completion of contract.
But the asset can be created. Only after the contract gets completed the revenue recognition can be realized.
For a long-term project, the revenue can be recognized based on the percentage of completion.
Revenue recognition keeps financial transactions aligned.
Option A: valid
Option B Invalid, because expenses are also recognized
Option C: This process is acceptable.
Option D: Gains and profits are calculated in this type of method
This depends on what the daily limit is for your card.
Usually the theft should be reported right away.
An organized way for people to buy and sell stocks for corporations to raise money is called the stock market.
Answer:
Cost of goods sold for the first sale made on Jan. 10: $141
Explanation:
The FIFO is a method used to account value for inventory. Under the method, the first item of inventory purchased is the first one sold.
Jan 1 Beginning Inventory 8 units, $12 per unit, total $96
Jan 5 Purchase 12 units, $15 per units, total $180
Jan 10 Sale 11 units, $50 per unit
Cost of good sold = 8 x $12 + 3 x $15 = $141
Answer:
The correct answer is option b.
Explanation:
The problem of scarcity of resources is the basic problem in the study of economics. This problem exists because the resources are limited and have alternative uses. These resources are used to satisfy unlimited wants and needs.
So we need to determine the efficient allocation of these scarce resources such that we are able to get maximum satisfaction or utility from them.
Because of this scarcity problem, every economic decision involves some trade-off.
