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2 years ago

An annual reporting period consisting of any twelve consecutive months is known as:___.

Business

1 answer:

Kaylis [27]2 years ago

4 0

An annual reporting period consisting of any twelve consecutive months is known as Fiscal year.

The government and enterprises utilize a fiscal year (FY), usually referred to as a budget year, as the time frame for accounting to create annual financial accounts and reports. A fiscal year may not end on December 31 and is made up of 12 months or 52 weeks.

Government accounting, which differs between nations, and budgeting employ a fiscal year. Additionally, it is employed by companies and other organizations for financial reporting.

Companies and workplace groups use a fiscal year, which is a 12-month period, to submit, review, and communicate their financial accounts, budgets, and objectives. This period of time need not follow the conventional January to December calendar year pattern. Every company has a unique nature when it comes to generating revenue and succeeding.

Learn more about fiscal year here

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Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.05 feet of leather and

Katarina [22]

Answer:

1. $3.20 x 2.20 = $7.04

2. It will be favorable.

3. It will be unfavorable.

4. Direct material price variance = $22

Direct material quantity variance = 0.48

Explanation:

1. Standard direct cost per unit=cost of direct materials price x direct material standard quantity per unit.

2. It will be favorable because they expected or had budgeted to pay $3.60 per foot for the material but the actual cost became $3.20. So they pay $0.40 less than they had expected to pay.

3. It will be unfavorable because they had planed or budgeted for each unit to use 2.05 feet of leather but they ended up needing 2.20 feet of leather per collar so that means they under budgeted by 0.15 feet.

4. Direct material price variance =( $3.60 x 55) less ($3.20x55)=$22

The total amount that was budgeted or expected to be paid is subtracted from the total actual price that was paid.

Direct material quantity variance = (2.05x$3.20) less (2.20x$3.20)= -0.48

The total direct material quantity that is used is subtracted from the quantity that was expected to be used.

5 0

3 years ago

Which statement is true according to the article?Choose one:A. Chilean companies aim to improve their wine distribution in China

Rufina [12.5K]

Answer:

The answer is "Option A".

Explanation:

In this question, the first choice is correct because the Chilean organizations continue to improve the existing wine business in the country of China, with Chile aiming to the advantage of the military conflict as well as expand its position in the Chinese beverage (wine) market though the wider optimization.

4 0

3 years ago

A value chain is a set of: a) similarly profitable firms competing against each other in any given industry. b) large firms that

OLEGan [10]

Answer:

c) activities through which a product or service is created and delivered to customers.

Explanation:

A value chain is the entire range of activities that a company undertakes to create a product or a service. These activities include design, production, marketing and distribution. A manufacturing company will have its value chain processes start with the procurement of raw materials and end when the product is sold.

Companies will, from time to time, perform value chain analysis. Value chain analysis involves a detailed examination of all the business processes and procedures. The purpose of the analysis is to improve the efficiency of the value chain. An efficient system of production has cost-saving benefits to the organization.

5 0

3 years ago

During Burns Company's first year of operations, credit sales totaled $166,000 and collections on credit sales totaled $118,000.

marusya05 [52]

Answer:

1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense.

Db Bad debt expense_______ 3320

Cr Allowance for bad debt_________________ 3320

Db Allowance for bad debt__ 430

Cr Account Recevaible_____________________ 430

2. Show the year-end balance sheet presentation for accounts receivable.

Account receivable__________47570

Net account receivable_______44250

Explanation:

Credit sales 166000

Credir sales 118000

Bad debt losses 2%

Writte off 430

Allowance 3320

Db Bad debt expense_______ 3320

Cr Allowance for bad debt_________________ 3320

Db Allowance for bad debt__ 430

Cr Account Recevaible_____________________ 430

Year end balance___________48000

Cr Account Recevaible_________430

Account receivable__________47570

Allownace for bad debts_______3320

Net account receivable_______44250

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3 years ago

Anybody wanna zoom ?

Ne4ueva [31]

Answer:

sorry i have school but others day maybe tomorrow

5 0

3 years ago