I would say that the work that Benji conducted on the books of the Sanborn Corporation would be classified as a financial audit because she checked their figures, examined their accounting procedures and prepared a report so this would qualify as an audit.
Answer:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Explanation:
Since the estimated overhead amounting to $110,000 are greater than the actual overheads amounting to $106,000, therefore the overheads are overapplied by $4,000.
The journal entry to disposed off the overapplied overheads are given below:
Debit Credit
Applied overheads $110,000
Cost of sales (over applied overheads) $4,000
Overhead control account $106,000
Answer:
Accounting profit = $45,000
Economic profit = $5,000
Explanation:
The computation of accounting profit and economic profit is shown below:-
Accounting profit = Sales - External expenses
= $75,000 - $30,000
= $45,000
Economic profit = Accounting profit - Implicit cost
= $45,000 - $40,000
= $5,000
Therefore for computing the accounting profit and economic profit we simply applied the above formula so that each one could arrive
Answer: OPTION D
Explanation: Sustainable development means consuming natural resources in such a way that the needs of today gets fulfilled without hindering the needs of future generations .
A. Consuming more capital today will result in more depletion of natural resources that are limited in amount thus there would be no sustainable development.
B. This case study relates to sustainable development which depends on limited natural resources thus society does not have the option to invest it .
C. The case study relates to natural resources which are provided by the nature human resource plays no major role in sustainable development.
D. Only consuming natural resources in an efficient manner would result in sustainable development.
Answer:
c. corporation
Explanation:
A corporation is a type of business ownership that recognizes a business as a separate entity from its owners. Legally, a corporation is an independent person with commercial rights like any other person. A corporation is entitled to de business, incur debts, acquires assets, and make profits.
A corporation is expected to file its income tax returns at the end of every financial year. The owners of a corporation or its shareholders are also expected to file their separate income tax returns. An element of double taxation arises the business is taxed, and the owners are also taxed separately. In the other form of business ownership, the business incomes pass as owner's income resulting in single taxation.
