Answer:
1. Expenses of the current period --> Period Cost
2. Applied overhead is more than actual overhead incurred -->
d. Overapplied overhead
3. Typically used by companies that make custom products -->
a. Job order cost system
4. Typically used by companies whose products are indistinguishable from each other. -->
b. Process cost system
5. Applied overhead is less than actual overhead incurred. -->
c. Underapplied overhead
Explanation:
1) as are not capitalzied throught an asset account are considered expense of the period
2) and 5) When we apply above then, there capitalization of cost that weren't incurred so we have to reduced.
When we apply below, we need to capitalize more
3) Job Order makes each job account for their materials and labor making more possible the itemization
4) process cost works with equivalent units to detemrinate the production of the period as it is constant the product from one bathc to another have no difference.
Answer:
There are no options listed, but what I can tell you for sure is that John's actions were both unethical and illegal.
What John did is unethical because it is not moral and it goes against all the principles that guide professional conduct. John also did something illegal because he was an accomplice in committing fraud against the company. He knowingly benefited from the accountant's illegal actions, and that is basically the legal definition of an accomplice to a crime.
Answer:
Queen $32,850
Stevens $180,150
Explanation:
Queen Stevens Net Income
available (distributed)
Net Income $213,000
Interest on Capital (6%) $4,500 $6,300 <u>($10,800)</u>
$202,200
Salary Allowance $117,150 <u>($117,150)</u>
$85,050
Remaining $85,050 $28,350 $56,700 ($65,050)
(in ratio 1:2)
Total Net Income $32,850 $180,150 ($0)
distributed
Answer:
The correct answer is letter "B": Accounting rate of return.
Explanation:
The rate of return is the earnings that the asset produces in excess of its initial cost. The figure is generally calculated as an annualized percentage. The rate of return can be determined based on the cash flows produced by the asset. Besides, this could involve an element of capital gain. The rate of return can be negative if the asset generates less profit than its cost.
The Accounting Rate of Return measures the return of a specific project in percentage terms. It is mostly used when the firm develops different projects at the same time allowing them to find out which one is more profitable.