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rodikova [14]
2 years ago
11

The amounts for recording properties and services purchased by a business are determined using the:______.

Business
1 answer:
Alex17521 [72]2 years ago
5 0

The amounts for recording properties and services purchased by a business are determined using the cost concept.

<h3>Which principle determines the amount initially entered into the records for purchases?</h3>

A principle of accounting establishes the initial amount entered for purchases in the accounting records. According to the cost idea of accounting, all purchases of items (such as assets or items required for spending) should be recorded and kept in books at their original cost. Therefore, unless specifically indicated differently, it should be understood that an asset's value on a balance sheet represents its cost. Let's use the case of a company that pays cash or bank for a building worth $200,000. The worth of the building will be recorded in the accounting records using the cost concept of accounting, which equals $2,000,000. After four years, the building's worth increased to $1,000,000.

To learn more Cost concept, Visit:

brainly.com/question/24077535

#SPJ4

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Pacifica Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 39,000 units
Gemiola [76]

Answer:

Each product will be allocated with 38.30 dollars of manufacturing overhead as both takes 0.81 DLH

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

To calcualte the overhead rate we need to distribute the expected cost over the expected cost driver, in this case, labor hours:

(39,000 + 8,000) x 0.81 DLH = 38,070 labor hous

$1,800,000 overhead / 38,070 DLH =  47,281323877

the overhead per hour is $47.28

overhead per product:

47,281323877 x 0.81 = 38,29787234 = <u><em>38.30</em></u>

4 0
3 years ago
A company received an order from a customer in June
asambeis [7]

Answer:

b. July

Explanation:

According to the revenue recognition principle, the revenue has to be recognised in the period the services are provided.

In the question, the services were provided in July, so the revenue needs to be recognised in July,

The fact that the order was received in June or that the payment from the customer was received in August is not relevant for purposes of revenue recognition.

8 0
3 years ago
Sue’s Jewelry sold 20 necklaces for $25 each to a credit customer. The invoice included a 6% sales tax and payment terms of 2/10
tiny-mole [99]

I took the test. The answer is A. Accounts Receivable for $530.

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4 0
3 years ago
Small businesses can often provide more personalized customer service than bigger rivals.A. trueB. False
AnnZ [28]

Answer: True.

Explanation:

Personalized services are services that are flexible in delivery and can change with individual preferences.

Smaller businesses find it easier to render customised services to their customers, because their customers are fewer and they are eager to get more, which makes them to put in extra effort, in satisfying each customer.

Bigger businesses have a larger customers population and has a difficulty most times in totally satisfying their every needs.

4 0
3 years ago
On June 1, 20X1, Conner Company, a new firm, paid $4,300 rent in advance for a five-month period. The $4,300 was debited to the
Gekata [30.6K]

Answer:

No    Account and explanation              Debit      Credit

1.       Rent expense ($4,300/5)               $860

                Prepaid rent                                           $860

        (To record adjusted rent expense)

2.      Supplies expense (7,250-2,950)   $4,300

                Supplies                                                   $4,300

        (To record adjusted supplies)

3.       Depreciation expense                   $460

         [(44,160/8)/12]

                Accumulated depreciation                     $460

         (To record depreciation)

6 0
2 years ago
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