Answer:
c. an estimate of a plant asset's value at the end of its useful life
Explanation:
The salvage value or the residual value is the estimated value of the fixed asset which can be received at the end of its useful life. So, neither it is a fair market value of a plant asset , nor it is deducted from the accumulated depreciation.
The treatment of the residual value under the straight-line method or any other method is shown below:
The depreciation expense under the straight-line method is shown below:
= (Original cost - residual value) ÷ estimated life in years
The residual value should always be deducted from the original cost of fixed asset
The major advantage of departmentalizing the accountant is because its ensure maximum efficiency since employees could coordinate work within the department function.
Simply put, the term "Departmentalization" refers the process of grouping activities or function into section under the same department.
For instance, every company have an accounting department. The process of sub-grouping the accounting department into legal compliance or financial control, Reports and financial statements, Budgeting etc is known as departmentalization.
The process of Departmentalization has numerous advantages but one particular advantage is that employees with similar expertise can coordinate the work between themselves to achieve efficiency.
Learn more about Departmentalization here
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Answer: Option B
Explanation: In the given case, Remfur inc. specifically wanted their HR Ryan to recruit such employees for the new division that may bought new ideas and perspectives in the company, thus, external source of recruitment should be used by Ryan instead of internal sources like transfer or promotion etc.
Hence, Option B, posting advertisement in the newspaper is the right answer, as the new employees from outside the entity will bring new ideas since the current employees will be used to working in the existing operational structure.
The answer is material math error.
An adjusting entry is essentially a bookkeeping modification that improves the accuracy of the financial statements by reflecting the revenue and spending on an accrual basis, which is typically but not always the case. At the conclusion of the accounting period, adjustments are made. This might happen towards the end of the month or at the end of the year.
Prior period adjustments are errors or mistakes committed in the prior reporting period. These mistakes must be remedied or eliminated by taking suitable corrective action. Prior period items include factual errors, arithmetic errors, and errors in applying accounting rules.
Therefore, material math error is the correct option.
To know more about adjustment to financial statements click here:
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Answer:
Factory overhead costs = 3000 + 7500 + 11800 = $22,300
Explanation:
Factory overhead costs are the costs that are not directly attributable to the production. This would include all the costs except for the direct materials and direct labor.
the total factory overhead costs would be,
Factory overhead costs = 3000 + 7500 + 11800 = $22,300
These costs are then allocated using the appropriate cost base to all the units produced.
Hope that helps.
