Answer:
Please refer to the below;
Explanation:
Difference between Floor inspection and Functional inspection.
• Floor inspection is usually conducted in a production environment. It involves checking of materials while processing in the machine by inspectors. Rather than checking the materials in the machine at the beginning of production, floor inspection checks the materials while in process inorder to ensure that the defected ones are quickly detected and expunged. It also ensure that the equipments used in processing are properly functioning.
• Functional inspection is an inspection that checks the overall function of a product rather than what makes up the component parts. For instance the load capacity and speed of a vehicle can be checked for optimal performance whereas individual parts that make up the vehicle are not checked, yet bring out satisfactory performance when combined together. This form of inspection is concerned with verification of final output and does not provide details about different sections instead provides a wider understanding of comfort that emanate from inspecting same item.
Points of Convergence between Floor inspection and Functional inspection.
• The key objective of both floor and functional inspection is quality output having reviewed and examined their expectations.
• Both floor and functional inspection work to prevent defective product from flowing down the successive operations and avoid loss to the company
• Both floor and functional inspection aim at meeting customers requirements, wants and needs.
If Power industries has acquired a patent for $16,000. its useful life is expected to be four years. The yearly journal entry to recognize periodic amortization is: Debit Amortization Expense - Patents $4,000; Credit Patents $4,000.
<h3>Journal entry </h3>
If the company has acquired a patent for the amount of $16,000 in which the useful life is expected to be four years. The appropriate journal entry to recognize periodic amortization is:
Power industries journal entry
Debit Amortization Expense - Patents $4,000
Credit Patents $4,000
($16,000/4 years)
(To record periodic amortization recognized)
Therefore the yearly journal entry to recognize periodic amortization is: Debit Amortization Expense - Patents $4,000; Credit Patents $4,000.
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Market Penetration, According to Yahoo Answers
Answer:
The statute of limitations is as indicated for different cases:
a: Fraud: The statute of limitations remains open.
b:Disallowance of tax deduction items: The assessment is made within three years from the later date of tax filing or due date.
c: The omission of rental income that is equal to greater than 25% of the taxpayer's reported gross income: A six year statute of limitation is applicable.
Explanation:
The statute of Limitations for the following cases are
a. Fraud (e.g., failure to file a tax return)
In this case the statute of Limitations indicate that <em>The statute of limitations remains open indefinitely if a fraudulent return is filed or if no return is filed at all.</em>
b. Disallowance of tax deduction items
In this case the statute of Limitations indicate that <em>The general rule for the disallowance of tax deduction items is that an assessment may be made against the taxpayer within three years from the later of the date the tax return was filed or its due date.</em>
c:The omission of rental income that is equal to greater than 25% of the taxpayer's reported gross income
In this case the statute of Limitations indicate that <em> A six year statute of limitations applies if the taxpayer omits an item of gross income that is in excess of 25% of the gross income that is reported on the return.</em>
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Answer:
See explanation section
Explanation:
Export - When a country ships its domestic products (Goods and Services) to another country, after meeting the demand of the domestic people, for processing, using, and selling those, the term refers to export.
Import - When a country brings other countries' products in order to fulfill the demand of its population, it is coined as an import.
Balance of Trade - When there is a difference between the country's net monetary value of exports and imports, it is called the balance of trade. If export exceeds the import, there will be a trade surplus. On the other hand, when import exceeds the export, there will be a trade deficit.
