Answer:
1. Expenses of the current period --> Period Cost
2. Applied overhead is more than actual overhead incurred -->
d. Overapplied overhead
3. Typically used by companies that make custom products -->
a. Job order cost system
4. Typically used by companies whose products are indistinguishable from each other. -->
b. Process cost system
5. Applied overhead is less than actual overhead incurred. -->
c. Underapplied overhead
Explanation:
1) as are not capitalzied throught an asset account are considered expense of the period
2) and 5) When we apply above then, there capitalization of cost that weren't incurred so we have to reduced.
When we apply below, we need to capitalize more
3) Job Order makes each job account for their materials and labor making more possible the itemization
4) process cost works with equivalent units to detemrinate the production of the period as it is constant the product from one bathc to another have no difference.
Answer:
A) Inventory is reported as a current asset because it will be converted into cash within a year of the balance sheet date.
Explanation:
The total assets comprise of current assets, fixed assets, and the intangible assets
The current assets include cash, stock, account receivable, etc
Fixed assets include plant & machinery, land, equipment, furniture & fittings, etc.
And, the intangible assets include patents, copyrights, goodwill, etc.
The current assets are those assets which are converted into cash in less than one year
Answer:
<u><em>Equations for the total cost C</em></u>
Total cost is the sum of total fixed cost and total variable cost incurred on the production of units sold. If c represents total cost and x represents units sold, then
C = $11.20x + $21,000
(where $11.20 is variable cost per unit)
<u><em>Equations for the total revenue R</em></u>
Total revenue is the product of number of units sold and sale price per unit. If R represents total revenue and x represents units sold, then
R = $18.70x
<u>Answer:</u> Option A True
<u>Explanation:</u>
As an entrepreneur Frank has made the right decision of rewriting the vision statement for his antique shop. A business can succeed only when it has a strong vision statement. When there is a proper vision statement the entire business works for that purpose.
The vision statement made should be linked with the goals of employees. This will create a positive and inspiring place for the employees to work. Even the small antique shop can expand its business activities and attain growth through proper vision statement.
Answer:
Savings and loan association
Explanation: