Answer:
Yes this statement was an error and its effect on financial statements of Woods will be that asset ( equipment in this case) would be overstated and obviously the net income of the company would also increase.
Explanation:
Here Woods accountant has made the error of debiting the cost of $500 on the asset account ( equipment) , which shouldn't have happened as the asset accounts have natural debit balance which means that when an amount is debited to the asset account it will increase the value of the asset.
So therefore here we can say that the asset here is overstated and if the assets are shown overstated it is natural that the income reflected would also be overstated.
The Government regulates the sale and research of prescription drugs in order to promote safety and fair practices in the healthcare industry.
<u>Activities</u>
- Pay Vendors
- Evaluate Vendors
- Inspect raw materials
- Plan for purchases of raw materials
<u>Cost Drivers:</u>
a) Number of different kinds of raw materials
b) Number of classes offered
c) Number of tables
d) Number of employees
What is Cost Drivers ?
A cost driver causes a change in an activity's cost. The idea is most frequently applied to allocate overhead expenses to the quantity of produced units. In order to reduce the cost of overhead, it can also be utilized in activity-based costing analysis to identify the causes of overhead. An activity-based costing system may employ a variety of cost drivers. Just one cost driver should be employed if a company just cares about adhering to the minimum accounting standards to allocate overhead to produced items. Cost drivers include things like the amount of customer interactions, engineering change orders, machine hours consumed, and product returns, as well as the number of direct labor hours performed.
To learn more about Cost Drivers with the help of given link:
brainly.com/question/14904453
#SPJ4
I think that it is A. Please Mark Brainliest!!!
Answer:
D. Manufacturer to wholesaler to consumer
Explanation:
I had the same quiz question and I chose that one. May not be correct though
