Answer: A. Dollars are printed on paper and have value because the government says they have value.
Explanation: Commodity backed money is a situation where by the value of money is backed up by its purchasing power with which it can be traded with at request. The supply of many can not be more than the purchasing power the country holds.
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Answer:
The correct answer is letter "B": Often reveal products that were under- or over-costed by traditional costing systems.
Explanation:
Activity-Based Costing or ABC is a managerial accounting method that assigns certain indirect costs to the products incurring the bulk of those costs. ABC is primarily used in the manufacturing sector to make a better calculation of the true cost of production per unit. Compared to the traditional costing method, ABC spots products that could be under-costed or over-costed.
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Answer:
Dr Salaries expense $7,552
Cr Accrued salaries $7,552
Being entries to record salaries payable as at year end
Explanation:
When an expense is incurred but yet to be paid by an organization, the entries required are
Dr Expense (p/l)
Cr Accrued expense (B/s)
when payment is made
Dr Accrued expense (B/s)
Cr Cash account
Given that Zoey Bella Company has a payroll of $9,440 for a five-day workweek and the year ends on a Thursday. As such, the company as at 31 December has incurred salaries for 4 days. This has to be accrued for but first to calculate the amount
= 4/5 * $9,440
= $7,552
Hence adjusting entry required on December 31, assuming the year ends on a Thursday
Dr Salaries expense $7,552
Cr Accrued salaries $7,552
Being entries to record salaries payable as at year end
