Answer:
The answer is E.
Explanation:
Standard cost are budgeted cost and are compared with actual cost at the end of the process to determine whether the variance is favorable or unfavorable.
Standard cost is based on the present cost for delivery a product or acquiring a product. Because present cost will be used for budgeting. Sometimes standard cost are based on historical cost will be used to determine the present cost.
To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. Winston's implicit costs $64,000
<h3>What is implicit costs?</h3>
Any expense that has already happened but isn't always shown or reported as a separate charge is considered an implicit cost. It stands for an opportunity cost that develops when a business commits internal resources to a project without receiving any direct payment in exchange.
For instance, losing out on sales and commissions while training a new employee takes up a day. This opportunity cost, often known as the commission and other pay, is a cost to the employee or trainer.
Explicit costs are distinguished from implicit costs by economists. Out-of-pocket costs including those for labour, supplies, and rent are considered explicit costs, also known as accounting costs. Implicit costs are expenses a company faces without making a direct financial commitment.
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Answer:
5
Explanation:
A reporting entity is any entity in men or organizations that depends on the financial report produced by an organization for an understanding of the financial performances and position for the purpose of decision making. This can be investors and other stakeholders in the business.
In the scenario given , the relative parties that will rely of the financial report are
David Herbert as the Entrepreneur , Herbert Enterprises which prepare the report ,George , Herbert's brother an investor , First federal bank , a loan provider and City properties.
Debit cards are used to pay for goods in shops and to withdraw money at cash machines. The money is automatically taken from your current account when you spend it, so you must have enough money in your account or an agreed overdraft to cover the transaction.
Where as..
A credit card, such as Barclaycard, isn't linked to your current account and is a credit facility that enables you to buy things immediately, up to a pre-arranged limit, and pay for them at a later date. The cost of the purchase is added to your credit card account and you get a statement every month.
I think the explanation of this manner is that the concession items have a high-profit margin. It has more sales than the theater tickets. So to avoid the possible losses of income, the theater decides to make the prices of each item of concession stand must be the same to a different group of people.
