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m_a_m_a [10]
2 years ago
7

The matching concept a. determines that expenses related to revenue be reported at the same time the revenue is reported b. addr

esses the relationship between the journal and the balance sheet c. determines whether the normal balance of an account is a debit or credit d. requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
Business
1 answer:
OLga [1]2 years ago
6 0

Answer:

The correct answer is letter "A": determines that expenses related to revenue be reported at the same time the revenue is reported.

Explanation:

According to the matching accounting principle, during the same accounting period, the revenues and expenditures needed to generate such revenues have to be recorded. This is part of the accrual accounting method that specifies expenses and revenue must be recorded when incurred not when cash is received.

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Huh ??? This ain’t zoo
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3 years ago
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Marigold Company discovered the following errors made in January 2022.
lys-0071 [83]

Answer:

A. Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

B.

2. Dr Cash 5850

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

Cr Equipment 360

Explanation:

A. To Correct the errors by reversing the incorrect entry and Preparation of the correct entry.

Reversals entry

1. Dr Cash 900

Cr Equipment 900

Correct entry

Dr Wages and salaries 900

Cr Cash 900

B. To Correct the errors without reversing the incorrect entry

2. Dr Cash 5850

($6500-650)

Dr Service revenue 650

Cr Account payable $6,500

3. Dr Accounts payable 360

(510-150)

Cr Equipment 360

4 0
2 years ago
Which of the following statements refers to rent seeking? "There is an opportunity cost whenever the federal government spends t
puteri [66]

<u>Answer:</u>

<u><em>Laws passed by the federal government often provide benefits for a small number of individuals. These individuals, in turn, have an incentive to contribute to the campaigns of politicians who pass these laws</em></u>

<u>Explanation</u>:

When individuals or firms cunningly try to get benefits from government at the detriment of others it term rent seeking.

Implying they seek shelter under this laws that benefit them the most.

For example, certain tax laws may favor the weather citizens of a country and they (the wealthier citizens) may take advantage of that.

3 0
3 years ago
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The following refers to units processed by a breakfast cereal maker in August. Compute the total equivalent units of production
masya89 [10]

Answer:

Total Equivalent Units Conversion    746,000

Explanation:

Breakfast Cereal Maker

Weighted-Average Inventory Method

Total Equivalent Units

                                     Units               Conversion     Equivalent Units

Particulars                                                   %

Units completed         620,000               100 %             620,000

<u>Add Ending WIP          180,000                70 %               126,000</u>

<u>Total Equivalent Units                                                      746,000</u>

<u />

<em>The total Equivalent units are obtained by adding the percent of the units in the ending work in process inventory to the units completed and transferred out. This is the average weighted method of finding the equivalent units.</em>

<em>As only conversion is required we found out the conversion units only.</em>

3 0
3 years ago
Compare and contrast the U.S. Constitution and the Arizona Constitution. Discuss three findings that account for the significant
marysya [2.9K]

Development, Structure and powers of U.S constitution and Arizona constitution have a huge comparison.

<u>Explanation: </u>

Unlike the United States Constitution, which was embraced in 1787, that wasn't until 1912 that perhaps the Arizona Constitution was accepted, leading to the creation of the 48 states

The common terms,' we the people' all constitutions begin with, but include many different things. After all, there were certain differences between one condition and another for a set of fifty.

The Arizona Constitution states that the legislature must be split into three parts-Legislative, Legislative and executive–which are not applicable to the United States Constitution

Many think of forms to deny or expel someone from office. They will enforce them in both Constitutions. All define the qualifications for their office if they would like to run for office. Another connection that I found was apparent but significant nonetheless.

They both mention the theme of religious liberty, one of the most valuable values in our society. Eventually, both inspire their lawmakers to negotiate with them.

5 0
3 years ago
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