Answer:
The journal entry to record the flow of costs into Department 1 during the period for applied overhead is
Work In progress Account $150,000 (debit)
Manufacturing Overhead Account $150,000 (credit)
Explanation:
Applied overheads are determined by multiplying the Actual Activity (example hours) and Budgeted Overhead Rate. In Our question this figure is given as $150,000.
When Applying the Overhead to a product:
De-recognise the amount applied by reducing the Overhead account balances and Recognise the costs in the Work In Process Account by increasing it with amount applied.
Answer:
A. Expand-ability Relevance
Explanation:
Financial statements does not need expansion, therefore expand-ability relevance is not one of the qualities of financial statements.
A. Faithful representation- financial statements must be a faithful representation of the state of the entity. it should represent the correct position of the entity.
B. Comparability - The financial statements must be prepared in accordance with acceptable standard to ensure comparison within and without the entity.
C. Consistency and Verifiability - The numbers must be verifiable and methods choosing in treating certain items must be consistent over time.
Answer: i think a career path
Explanation:
Answer:
Retail banks operate in order to earn profit, while credit unions are nonprofit
Explanation:
What is a major difference between retail banks and credit unions?
Retail banks only serve businesses, while credit unions only serve individuals.
- This answer is false, both retail banks and credit unions serve businesses and individuals.
Retail banks operate in order to earn profit, while credit unions are nonprofit.
- This answer is true, retail banks earn profits while credit unions are non-profits.
Retail banks only have small local branches, while credit unions are nationwide.
- This answer is false. Generally speaking, retail banks have a much larger geographic footprint than credit unions. Many retail banks are found across the entire country (and sometimes world!) but most credit unions are focused on serving their local community.
Retail banks manage a person's money, while credit unions focus on providing loans.
- This answer is false. Both retail banks and credit unions offer money/investment management services in addition loans. The financial products offered by retail banks and credit unions depend on the market served and business conditions.
