The entry made at the end of the accounting period to record wages incurred but unpaid is Accrued expenses, An expense that is recorded on the books before it has been paid is referred to as an accumulated expense, also known as accrued liabilities.
The accounting period in which the expense is incurred is used to record it. Accrued expenses are listed as current liabilities on a company's balance sheet since they represent a company's obligation to make future cash payments. An estimated expense may not match the supplier's invoice, which will arrive at a later time.
According to the accrual method of accounting, costs are recorded as incurred rather than as paid when they are actually incurred.
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<h2>The situation mentioned here comes under <u>
writing </u>
phase</h2>
Explanation:
There are 3 phases.
1. Plan: Planning phase comes first. Here were the writer needs to analyze, do research to prepare the content. This serves as the base for the content. Here Mr. Hernandez has already done the research and he is ready to write.
2. Write: This is the second phase where the actual content is created based on the analysis and research done in step 1. Now Mr. Hernandez is sitting at the desk to begin writing. So this comes under writing phase.
3. Complete: Completing the writing by validating or proof reading it.
Answer:
Arthur should choose a handful of employees according to their abilities and provide them with the training and pay raise.
Explanation:
According to my research on different managerial roles and responsibilities, I can say that based on the information provided within the question to eliminate this behavior Arthur should choose a handful of employees according to their abilities and provide them with the training and pay raise. By doing this the employees will increase productivity in order to be chosen.
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Answer:
C) perfectly elastic and identical to the firm in perfect competition.
Explanation:
In a perfectly competitive market, firms supply identical products, so the customers are indifferent towards buying the product from any supplier. What makes a monopolistic competition market different is that products are differentiated, so the customers will choose from which supplier to purchase the product.
When the products are identical (not differentiated), then the firm's demand curve will be perfectly elastic because a change in price will make their customers simply change the supplier. I.e. the products are all substitutes.
<u>Answer:</u>
Answer for Part A and Part B is as follows:
Particulars 2016 year 2017 year
Contract Price $13,00,000 $13,00,000
Cost that has been incurred $675000 $950000
Estimated cost to complete $225000 $0
TOTAL COST $900000 $950000
Expected Gross profit $400000 $350000
Percentage that is completed 75 percent 100percent
Gross profit to be recognised $300000 $50000
<u>Note</u>: Calculations have been made according to the data and figures given in the question.
