Hello, The first step of financial planning process is to define specific goals. Since this is the first step I figured it is the most important.
Hope this helps..
Answer:
Credit union.
Explanation:
A credit union can be defined as a non-profit making financial cooperative that is typically controlled by its members (employees, church groups, labour unions etc) and it is saddled with the responsibility of providing financial services like the traditional banks to employees such as teachers, educators, nurses, etc.
Generally, the profit made from the amount of money that is being deposited by the members of a credit union are usually returned to the members as a form of better interest rates. Some examples of credit unions are SchoolsFirst Credit Union, New York University Federal Credit Union, Consumers Credit Union, etc.
In this scenario, a financial institution advertises itself as especially oriented towards educators and teachers. Thus, the category this institution would most likely fall under is a credit union because it's not run like businesses that is after making profit i.e it's a non-profit business established to assist employees with their finances.
Given:
Actual Production 6,000 units @ 1.5 standard hours per unit.
Budgeted hours: 10,000
Fixed overhead cost per unit is $0.50 per hour.
6000 units * 1.5 std. hrs/unit = 9,000 hours
Actual hours: 9,000 hours * $0.50 per hour = $4,500
Budgeted hours: 10,000 hours * $0.50 per hour = $5,000
Fixed Factory Overhead Volume Variance = $5,000 - $4,500 = $500 UNFAVORABLE.
It is unfavorable because the production is inefficient. It is more favorable if the produced units are higher than 6,000 units and the actual hours of production are more than the budgeted hours of production.
Answer: These could be categorized as follows :-
Explanation:
a. Accounts receivable = Asset in balance sheet
b. Sales = Revenue in income statement
c. Equipment = Asset in balance sheet
d. Supplies expense = Expense in income statement
e. Cash = Asset in balance sheet
f. Accounts payable = Liability in balance sheet
g. Retained Earnings = Equity in balance sheet
h. Revenue = Revenue in income statement
i. Contributed Capital = Equity in balance sheet
j. .Cost of Goods Sold = Expense in income statement
k. Notes Payable = Liability in balance sheet
l. Selling and Administrative Expenses = Expense in income statement
