Answer:
The credit portion of a general journal entry is always recorded first.
Explanation:
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
Also, the total amount of money credited must equal the total amount of money debited.
The following statements are correct and true about the general journal;
I. The description of a journal entry should include a reference to the source of the information contained in the entry.
II. If goods are purchased on credit, the supplier's invoice number is used as the source document for the transaction.
III. A firm should be able to trace amounts through the accounting records and back to their source documents.
Answer:
it would be C the absolute change in the price level from one period to another.
Answer:
Correct Answer:
C) only $25,000.
Explanation:
In the case between Blackacre and Paris over the piece of land, the value recoverable will be the difference between the original value of the land the the newest value of the land when the breach of contract occurs. <em>Hence, the only amount recoverable by Paris would be $25, 000.</em>
Answer:
<em>In compliance with IRS 351, gain / loss must be acknowledged when the property is sold to the cooperative in order to gain control after the sale.
</em>
Solution (A)
In order to be eligible as a non-taxable trade UIS 351, Ted is attempting to meet the control criteria of section 351, Peggy must join Ted in the transaction. When the specifications are not met, Ted will be recognized as a gain by $80000 on the transfer.
Solution (B)
The legislation provides that stock granted for property whose value is comparatively small is not treated as issued in return for property compared with the value of stock already owned.
Answer: Direct materials quantity variance.
Explanation:
Direct Material quantity variance is the difference between the actual quantity of materials used in production and the standard quantity that was supposed to be used, multiplied by the standard price of the material.
It is a method that checks the company's efficiency is being able to use raw materials to produce goods. If the Actual quantity needed is greater than the Standard quantity, this will be considered an Unfavorable Variance and mean that the company was not efficient in using the materials.
Causes of this can be low quality of materials and inadequate employee training.
