Answer:
Flexible budget and master budget are very different.
Explanation:
The "master budget" is the sum of all the budgets that are prepared by a company's various departments. They include financial statements that are budgeted, a financing plan and a cash forecast. They are based on one specific level of production.
A "flexible budget" is a budget that changes or adjusts when the level of activity changes. They are dynamic in nature and can be operated on many levels of output. It is realistic and not based on assumption.
Answer:
d. $141,000
Explanation:
As the following information is given
Purchase of raw material = $165,000
Beginning Raw material balance = $22,000
Completed direct material = $141,000
Completed indirect material = $13,000
Since the work in progress includes only direct material i.e $141,000 as indirect material is allocated to the overhead account. Therefore, only $141,000 of raw material is transferred to work in process account
So other information which is mentioned is ignored
Peter is consulting someone who sells commercial real estate. Peter wants to make sure he's in a good place business wise and that it is the best time before he makes the purchase for a new building. By consulting the agent, he can get a better understanding of when the right time to purchase will be.
The condition for which revenues are recognized even when the cash is collected in a different accounting period is;
- Services are provided even if cash has not yet been collected, in cases of accrual basis accounting
<h3>Revenue recognition</h3>
Two major forms of revenue recognition exist;
- When Cash is collected from customers. This is the case when the organisation uses cash basis accounting
- When services are provided even if cash has not yet been collected. This is the case when the organisation used accrual basis accounting
Read more on revenue recognition;
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America's national debt is the amount that is due to the federal government of America. The portion of the public debt is the price of the dominant Treasury securities at a part of time that has been announced by the Treasury and also with other federal government agencies.
