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3 years ago

For which account does the accounting principle state that we must debit the receiver and credit the giver?

Business

2 answers:

laiz [17]3 years ago

7 0

The answer is Personal account

kati45 [8]3 years ago

6 0

Answer:

The correct answer is letter "A": Personal Account.

Explanation:

Accounting principles are statements that provide instructions on how the money flow and assets should be reported. These transactions should be reported in the entity's accounts using the double accounting method. In that sense, one account is debited and the other is credited with the same amount. The Personal Account rule establishes that the receiver's debit and the donor's credit.

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A produce distributor uses 783 packing crates a month, which it purchases at a cost of $11 each. The manager has assigned an ann

jeyben [28]

Answer:

Annual Savings will be ;

Ordering Cost = $2,993.88

Holding Cost = $661.78

Explanation:

First Calculate the Economic Order Quantity (EOQ)

EOQ = √ 2 × Annual Demand × Ordering Cost per Order / Holding Cost per unit

= √ ((2 × 783× 12 × $31) / ($11 × 32%))

= 407

Note : Currently the firm orders at 783 crates per month

Savings in Ordering Cost will be :

Savings = Ordering Cost at Current Quantity - Ordering Cost at EOQ

= (Total Demand / Current Quantity × Ordering Costs) - (Total Demand / Current Quantity × Ordering Costs)

= (9396/783 × $31) - (9396/407 × $31)

= $2,993.88

Savings in Holding Cost will be :

Savings = (Current Quantity - Economic Order Quantity) / 2 × Holding Cost per unit

= (783 - 407) / 2 × ($11 × 32%)

= $661.78

4 0

3 years ago

What type of companies engage in marketing?

Wewaii [24]

Answer:

American Heart Association (AHA), Walmart, Procter & Gamble.

Explanation:

4 0

3 years ago

Aces Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. Each

BigorU [14]

Answer:

Refer To The attached screen shot. It contains the Income Statement Prepared under Absorption Costing.

Explanation:

Absorption Costing assumes that the Manufacturing Costs include Direct Material, Direct Labor, Variable Overhead, and Fixed Overhead. Whereas, Selling and Administrative Expenses are classified as period Costs. These period costs are recognized in the period in which they are incurred. On the other hand, the manufacturing costs are recognized when the goods on which the costs were incurred are sold. That's why we don't recognize $78,000 as a Fixed Overhead because these overhead costs were incurred to produce 6,000 rackets. We have to calculate the fixed overhead cost per unit and multiply it with the units sold.

I hope I made it clear. If you have any queries, feel free to contact me.

Thanks.

7 0

3 years ago

If an insurer makes a payment for a claim but the insured is dissatisfied with it, the insured must wait _____ days after proof

aniked [119]

Answer:

60 days

Explanation:

60 days must have elapsed before an insured can take a legal action concerning any dissatisfaction with payment for any claim. This is according to the Legal Actions Provision.

Cheers.

8 0

3 years ago

Joe and Mike have been friends since college and both work in the financial industry. The two work for two un-affiliated broker/

castortr0y [4]

Answer:

A) Because Joe and Mike work for un-affiliated broker/dealers, they are not permitted to share or split commissions, making this arrangement un-acceptable.

Explanation:

Even though Joe and Mike are friends and know each other for a long time, in the real world where money has an almost divine status, they must follow the rules. Commissions can only be split between agents that work for the same broker-dealer firm and are registered to work in the same state.

Since Joe and Mike work for unaffiliated broker-dealers, they cannot share clients or split commissions. Following the rules will not only help them professionally, but probably will help their friendship.

5 0

3 years ago