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2 years ago

Inexperienced employees may include as , resulting in an overstatement of assets.

Business

1 answer:

Leokris [45]2 years ago

8 0

Inexperienced employees may include consigned goods as inventory resulting in an overstatement of assets.

<h3>What is inventory ?</h3>

Inventory, also known as stock, refers to the goods and materials that a company keeps for the purpose of resale, production, or use. Inventory management is primarily concerned with specifying the shape and placement of stocked goods.

There are four types of inventory: raw materials/components, work in progress (WIP), finished goods, and maintenance and repair (MRO).

Inventory valuation methods include FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).

In accounting, inventory is classified as a 'current asset' that a company or business keeps for less than a year. Expenses, accounts receivable, and insurance plans are also examples of current assets.

To know more about inventory follow the link:

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A small clothing firm currently produces 50,000 shirts and blouses per month. The cost of its factory, raw materials, and labor

Vesnalui [34]

Answer:

b. $10

Explanation:

The computation of the cost per shirt is shown below:

= (The cost of its factory, raw materials, and labor) ÷ (production level)

= $500,000 ÷ 50,000 shirts

= $10

Since we have to compute the cost per shirt before the increase in production level so we do not consider the increased production level and increase labor and raw material expense.

6 0

3 years ago

Lauhl Corporation provides janitorial services to several office buildings. During April, Lauhl engaged in the following transac

NISA [10]

Answer:

Cash-basis accounting $15,600

Accrual-basis Accounting $7,750

Explanation:

A. Calculation to determine the amount of net income that Lauhl should recognize in April under cash-basis accounting

Cash-basis accounting

=$24,000 -$5000-$3,400

Cash-basis accounting =$15,600

Therefore the amount of net income that Lauhl should recognize in April under cash-basis accounting is $15,600

B. Calculation to determine the amount of net income that Lauhl should recognize in April under the accrual-basis Accounting

Accrual-basis Accounting=($24,000/6) -$1300 + $2500 - $3,400 - $850

Accrual-basis Accounting=$4,000-$1,300+$2,500+$3,400-$850

Accrual-basis Accounting=$7,750

Therefore the amount of net income that Lauhl should recognize in April under the accrual-basis Accounting is $7,750

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3 years ago

In an attempt to make a conflict between two employees less personal and emotional, their manager assigns each of them to approa

seropon [69]

Answer:

dialectic approach

Explanation:

Dialectic approach -

According to this method , the two or more people with different views about a common topic are debated , is referred to as dialectic approach.

It is a form of debate , where any emotional appeal is not used .

It is also known as minor logic.

Hence, from the given scenario of the question,

The correct term is dialectic approach .

4 0

4 years ago

Read 2 more answers

For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen

blagie [28]

Answer:

Explanation:

The statement of income records all sales revenues general and expenditure incurred during a particular period.

The balance sheet reports the assets and the liabilities of the company

So, the classification is as follows

a. Net income = income statement (I)

b. Retained earnings = balance sheet (B)

c. Depreciation expense = income statement (I)

d. Accumulated depreciation = balance sheet (B). It is deducted from the value of the respective fixed assets

e. Wages expense = income statement (I). It is shown on the debit side of the income statement

f. Wages payable = balance sheet (B). It is a current liabilities

g. Interest expense = income statement (I) It is shown on the debit side of the income statement

h. Interest payable = balance sheet (B). It is a current liabilities

i. Sales = income statement (I)

8 0

3 years ago

What is the name of the monopolist having a declining long-run average cost throughout the market?

balandron [24]

The appropriate response is a Natural monopoly, it is a sort of imposing a business model that exists thus of the high repaired expenses or begin expenses of working a business in a particular industry. Furthermore, normal imposing business models can emerge in ventures that require one of a kind crude materials, innovation or other comparative variables to work.

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4 years ago

Inexperienced employees may include ________ as ________, resulting in an overstatement of assets.

Inexperienced employees may include as , resulting in an overstatement of assets.