Answer:
The omission of this entry understated accrued liabilites. given that the related inventory was sold in year 1, it aslo overstated net income and retained earnings by understating cost of goods sold, the same effects would occur if the insurance costs were chargeable to expense as a period cost
Explanation:
Rules specify that contingent liabilities should be recorded in the accounts when it is probable that the future event will occur and the amount of the liability can be reasonably estimated. This means that a loss would be recorded (debit) and a liability established (credit) in advance of the settlement.
<span>The use of a system in which a physical product - in this case an automobile - is moved from one worker to the other, each of whom performs a specific assigned task upon the product, is known as an assembly line. This is a production concept whose creation is attributed to Ransom Olds, but has also been heavily utilized by Ford Motors since its early days. Specialized robots can also be utilized instead of human labor.</span>
Answer:
The right option is option C. Team selling
Explanation:
The scenario above shows how TransWave International using team selling
Team selling is a group of people representing the sales department and other functional areas in the firm. The idea behind the concept is that teamwork and sharing knowledge can benefit the bottom line of a firm. It is a sales strategy that involves two-plus members of an organization working together to win business.
Therefore, TransWave sending an environmental expert, a safety engineer, a legal representative to explain new regulations enacted by the U.S. Office of Pipeline Safety, and an experienced pipeline expert when it meets with a prospect is an example of how TransWave uses Team selling
