Answer:
The answer is:
The inventory loss should be recorded entirely in the second quarter that ends in 6/30/2015 since losses have to be recorded as soon as the company recognizes them. The other quarters should not reflect any of the losses associated with this event.
Explanation:
The accrual accounting principle states that accounting transactions have to be recorded in the period when they actually happen. The conservatism principle states that liabilities and losses have to be recorded as soon as they are recognized.
Answer:
The correct word for the blank space is: value chain.
Explanation:
American economist Michael E. Porter (<em>born in 1947</em>) coined the term value chain to denote the interrelated operating activities businesses perform during the process of converting raw materials into finished products. The goal in value chain analysis is to find ways to add value to the product along each part of the process and do so at the lowest possible cost.
Answer:
Option A
Explanation:
The correct answer is Option A.
immediate-short-run last as long as both input and output prices are fixed.
In economics, the supply curve is the representation of the relationship between the price of the product and the quantity of the product.
The price of the product is represented on the vertical axis whereas on horizontal axis quantity is represented.
Answer:
All of the following are true about the post-closing trial balance, except:
d.It is prepared before the closing process.
Explanation:
The post-closing trial balance is rather prepared after the closing process. This is the reason it is described as a post-closing trial balance. Only permanent accounts (balance sheet) are listed on the post-closing trial balance. The post-closing trial balance ensures that the capital account is updated with the retained earnings (net income less drawings), as the case may be.
