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3 years ago

Adjusting Entries are:

Business

2 answers:

LekaFEV [45]3 years ago

6 0

Answer:

The answer is B.

Explanation:

Some business transactions are so huge or large to the extent that there might be omission or error in recording transactions when they occur.

Adjusting entries are done to update entries for previously unrecorded expenses or revenues. They are usually done at the end of the months.

Since accrual methods are the most preferred, they are done to make Financial statement achieve the objective of 'completeness'

julia-pushkina [17]3 years ago

4 0

Answer: B. updating entries for previously unrecorded expenses or revenues.

Explanation: Adjusting entries are updating for previously unrecorded expenses or revenues. They are entries used in recording business transactions that have taken place but have not yet been appropriately recorded in accordance with the accrual method of accounting—that recognizes revenue in the period in which it was earned and not when cash is received. It is also given as an entry in the general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the accounting period. The matching principle is used to match expenses to the related revenue within the same accounting period.

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Which of the following are true?

natima [27]

Answer:

III and IV

Explanation:

You don't have to be interested in something to be good at it. A job you like and accommodates your interests is not a guaranty.

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3 years ago

Trull Company uses a standard cost system. Variable overhead costs are allocated based on direct labor hours. In the first quar

ki77a [65]

Answer:

C. The actual variable overhead costs were lower than the budgeted costs.

Explanation:

Variable Overhead Cost variance =Budgeted cost - Actual Cost

where this value is positive, this is favorable, where this is negative it is unfavorable.

Actual cost = Actual hours X Actual rate per hour

Budgeted Cost = Budgeted hours for actual level of production X Budgeted rate per hour

Even if actual hours are lower than budgeted it will not lead to favorable overhead as actual rate per hour might be less.

Total variable overhead will only be favorable when net actual variable overhead cost is less than budgeted variable overhead costs.

C. The actual variable overhead costs were lower than the budgeted costs.

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3 years ago

Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal, indicate the jou

Mnenie [13.5K]

To pick the correct journal from the list we should be sure that we will record some transactions in more than one journal.

Explanation:

The combinations are below:

A. Receipt of cash refund from over payment of taxes. (Cash Journal)

B. Adjustment to record accrued salaries at the end of the year (General journal)

C. Providing services on account (Revenue Journal)

D. Investment of additional cash in business by the owner (Cash, General Journal) (The transaction will be recorded in both cash and capital accounts but instead of the capital, we put it in the General Journal to be transferred later)

E. Receipt of cash on account from customer (Cash Journal)

F. Receipt of cash for rent ( Cash, General Journal) (The transaction will be recorded in both cash and rent account but for the journal we put the rent part in the General journal)

G. Receipt of cash from sale of office equipment (Cash, General Journal) (An office equipment is assumed to be a fixed asset, thus its sale will not go into the revenue journal but the General Journal whiles the cash receipt is treated in the Cash Receipts Journal)

H. Sale of used office equipment on account, at cost to a neighbor (General Journal)

I. Closing of drawing account at the end of the year (General Journal) (The question did not specify whether is was goods withdrawn or cash withdrawn so we assume it to be goods withdrawn)

J. Providing services for cash (Revenue, Cash Receipts Journal)

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3 years ago

Frederick Group uses ABC to account for its chrome wheel manufacturing process. Company managers have identified four manufactur

adoni [48]

Answer:

Results are below.

Explanation:

First, we need to calculate the activities allocation rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Material handeling= 8,700/2,900= $3 per part

Machine setup= 4,650/15= $310 per setup

Insertion of parts= 49,300/2,900= $17 per part

Finishing= 75,600/1,800= $42 per direct labor hour

Now, we can allocate overhead to Job 420:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Material handeling= 3*150= $450

Machine setup= 310*4= $1,240

Insertion of parts= 17*150= $2,550

Finishing= 42*120= $5,040

Total allocated costs= $9,280

Finally, allocated costs to Job 510:

Material handeling= 3*500= $1,500

Machine setup= 310*5= $1,550

Insertion of parts= 17*500= $8,500

Finishing= 42*320= $13,440

Total allocated costs= $24,990

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2 years ago

Hot Topic has a policy of promoting from within. If Hot Topic uses clearly defined selection criteria and a transparent process,

cestrela7 [59]

Answer:

a. procedural justice

Explanation:

Procedural justice can be defined as an idea of fairness in a process and how this perception of fairness is greatly influenced by the quality of service, experience and transparency received by the people. Thus, it impacts the perception that people have about those in a place of authority with respect to decision-making and processes.

Hence, if Hot Topic uses clearly defined selection criteria and a transparent process, employees are likely to think the process is fair and to experience procedural justice, even if they are not chosen for promotion

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3 years ago