Answer: A. Nori foreseeably and justifiably relied on Mica's promise to her detriment.
Explanation:
From the question, we are informed that Nori files a suit against Mica to enforce an oral contract that would otherwise be unenforceable under the Statute of Frauds.
The court could enforce such a contract if Nori foreseeably and justifiably relied on Mica's promise to her detriment.
Cost of goods manufactured
= direct material+direct labor+manufacturing overhead applied
So
cost of goods manufactured
=30,000+60,000+45,000
=135,000
Answer:
This scenario illustrates the concept of groupthink.
Explanation:
Groupthink is the process in which a group of people reaches the outcome by the process of group decision making. The conflict among the members of the group is tried to get resolved so that they can reach a consensus. The unpopular opinion or the alternatives are set aback and a group decision is made collectively. It helps in problem-solving and making good decisions altogether.
Answer:
b. Expenses are increased on the left side of their T-account because they decrease equity.
Explanation:
Expenses arise during operation. The conceptual framework defines expenses as decrease in economic benefits as a result of increase in liabilities and decreases in assets. The result being a decrease in equity attributable to shareholders. Examples of expenses include depreciation, interest, utilities and wages expenses.
Answer:
Explanation:
a. Timeliness - Garth Company has been recording shipments of goods that were not ordered by their customers.
b. Accuracy - Clerks at Fairmont Corp. enter customer orders into PCs connected to the accounting system. The clerks are supposed to enter a code into a field to indicate if the order was mailed, faxed, or phoned in. But they do not always enter this code. Consequently, data on the recorded orders regarding the type of order is not reliable.
c. Validity - Shipments at Lasting, Inc. are entered into PCs in the shipping department office. The paperwork often gets lost between the shipping dock and the office, and some shipments do not get entered.
d. Relevance - At Belmont, Inc., warehouse personnel write the picked quantity on the picking ticket as the goods are picked from the shelf. These clerks are not very careful, and the recorded picked quantities are often wrong.
e. Completeness - Caroline in the shipping department has been given the job of monitoring shipments to make sure that they are shipped in a timely manner. To do this, she uses a monthly report of items ordered but not shipped in the past month.
