Answer:
The answer is B. is designed to match revenues and expenses.
Explanation:
Accrual Accounting method records revenues and expenses when they are incurred, regardless of when cash is received or paid.
Answer:
TRUE
Explanation:
acceptance of a contract becomes effective, regardless of the medium of sending and receiving the information.
Answer:
last
equal
Explanation:
A profit maximising producer would produce up to the point where the marginal product of the last unit of factor employed equals the factors price.
After, this point is reached, diminishing returns sets in
Answer:
Warbocks Corporation
Statement of retained earnings for the year ended December 31, 2017
Amount in $
Opening retained earnings 12,600
Net income for the year 7,000
Dividend <u> (5,000)</u>
Closing retained earnings <u> 14,600</u>
Explanation:
The retained earnings statement shows the movement in the retained earnings balance between the start and end of the year.
This includes the net earnings and dividend paid during the year.
Net income = $30,000 - $15,000 - $2,000 - $4,500 - $500 - $1,000
= $7,000
Answer:
There should be strong internal controls implemented and segregation of duties in the finance department.
Explanation:
There is lack of internal controls present in the company which may lead to fraud or errors. The employees assigned to record the transaction are not recording all the cash receipts and are missing some of the cash receipts which can cause errors during reconciliation. The sub divisions of finance department must be segregated and there should be a supervisor who should be responsible to review all the work done by these departments.