Answer:
- A chart of accounts is a list of the numbers assigned to each general ledger account.
- A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.
Explanation:
A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.
Subsidiary ledger
s are used to record details information for a general ledger account that contains many subaccounts, like accounts receivable (at last 1 subaccount per client), inventory (at least 1 subaccount per product) and accounts payable (at least 1 subaccount per creditor).
Answer:
win based on strict liability
Explanation:
Strict liability is a liability that is imposed on party by the claimant that proves that an action occurred and the defendant is responsible for it.
This provision does not require the claimant to prove a fault by the defendant. It is mostly used when an action is considered dangerous.
In this scenario Mike was blasting some holes in rocks. This is a dangerous activity that can cause harm.
Myra who broke her legs in the explosion only needs to prove Mike was responsible for the explosion that occurred for her to win based on strict liability provision.
Answer:
B. Unearned Revenue and a credit to Service Revenue.
Explanation:
The adjusting entry is given below:
Unearned revenue $1,000
To Service revenue $1,000
(Being service revenue is recorded)
Here unearned revenue is debited as it decreased the liabilities and credited the service revenue as it increased the revenue
Therefore the option b is correct
Answer:
LIFO
Explanation:
It will be the one that give higher Cost of goods sold. We also know that:
Cost of goods sold = Opening Inventory + Inventory Purchases - Closing Inventory
So this means the lower the closing inventory the higher the cost of goods sold and in time of price increases it will be more appropriate to use LIFO method which will reduce the Closing Inventory and this will increase the cost of goods sold and thus decrease in profit. This reduced profit means that the tax expense will also be lower in value.
Similarly the second attractive option will be the Weighted Average and the least attractive option would be FIFO costing method.
Answer:
- The two are not equal and not maximizing her utility.
- Martha should more on orange juice and less on coffee
Explanation:
Martha's currently receiving 75 utils per ounce
orange juice costs 25 cents per ounce = $0.25 per ounce
then 75 utils per ounce/ $0.25 per ounce = $300 utils from her last dollar spending on the orange juice though only 50 utils per ounce /$0.20 per ounce = $ 250 utils per dollar from her last dollar exhausted on coffee
- The two are not equal and not maximizing her utility.
- Martha should more on orange juice and less on coffee.
