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MAVERICK [17]
3 years ago
10

A favorable cost variance occurs when actual costs are more than standard costs standard costs are more than actual costs standa

rd costs are less than actual costs actual costs are the same as standard costs
Business
1 answer:
Orlov [11]3 years ago
6 0
A favorable cost variance occurs when: <span>Standard costs are more than actual costs
Standard cost refers to the cost that projected to happen when acquiring an asset. Meanwhile, actual cost refers to the total cost that actually happens when acquiring that asset.

</span>
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Yard Designs (YD) experienced the following events in 2018, its first year of operation:
Natasha_Volkova [10]

Answer:

a)

    assets                            =            liabilities              +         equity

    cash                                      deferred revenue             retained earnings

1)   $40,800                               $40,800

<u>2)   $0                                         -$,6800                              $6,800                 </u>

    $40,800                               $34,000                              $6,800

     revenues           -          expenses     =         net income         cash flows

1)       $0                                  $0                            $0                   $40,800 OA

<u>2)   $6,800                             $0                        $6,800                   $0       OA</u>

     $6,800                             $0                        $6,800                $40,800 NC

b) Yard Designs

Income Statement

For the year ended December 31, 2018

Revenues           $6,800

<u>Expenses               $0     </u>

Net income        $,6800

Yard Designs

Balance Sheet

For the year ended December 31, 2018

Assets:

Cash $40,800

Total assets                                 $40,800

Liabilities:

Deferred revenue $34,000

Equity:

Retained earnings $6,800

Total liabilities and equity             $40,800

Yard Designs

Statement of Cash Flows

For the year ended December 31, 2018

Cash flows from operating activities:

Net income                                         $6,800

Adjustments to net income:

  • Increase in deferred revenue <u>$34,000</u>

Net cash flow from operating act.   $40,800

Cash flows from investing activities:       $0

Cash flows from financing activities:       $0

Net increase in cash                         $40,800

Initial cash balance                           <u>          $0</u>

Ending cash balance                        $40,800

c) $34,000

5 0
3 years ago
Which of the following is a way to increase possession utility for a refrigerator?
Ivenika [448]
The correct answer is letter B. Providing a delivery service. Making an increase in possession is ensuring that you have the refrigerator or whatever product that you are getting. The ability to feel the tangible touch of a product gives you the possession.
6 0
3 years ago
Read 2 more answers
The primary purpose of managerial accounting is to prepare financial statements in accordance with a reporting framework (e.g. G
Contact [7]

Answer:

False.

Explanation:

There is no specific rule for managerial accounting like GAAP. GAAP is the accounting principles set for financial accounting and not managerial accounting. The main and primary purpose of managerial accounting is to help the managers of an organization to analyze the exact cost that is incurred in the production of sale-able goods and services. This accounting is done completely as per the convenience and discretion of the managers of a company and not by any specified rules and norms.

3 0
3 years ago
Which one of the following statements is correct? All of the major stock exchanges are U.S. based. The NYSE was created by the N
abruzzese [7]

Answer:

The primary purpose of the NYSE is to match buyers with sellers.

Explanation:

The New York Stock Exchange (NYSE) is a collection of domestic and foreign securities, including stocks, bonds and other investments traded in a public market for investors to buy and sell

3 0
4 years ago
This area offers the broadest possible range of job options:
RSB [31]
 probably New York i think so

4 0
3 years ago
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