Answer:
is made if it is more likely than not that the liability has been incurred.
Explanation:
When contingent liability is recorded it is recorded by debiting income statement and creating a liability in balance sheet, also it is not accounted for until the amount of liability is pretty certain as without being clear about its occurrence and the amount involved the liability cannot be recorded.
There is no such loss account, there exists only income statement.
Therefore, with the above we can conclude that contingent liability is recorded only if:
is made if it is more likely than not that the liability has been incurred.
Answer: Accountants play major role in firms in handling financial records and auditing. Managers know financial information based on either background knowledge or learning on the job
Explanation:
The accountants are valuable to the organization because they monitor the monetary information that concerns the firm, they handle how cash come in and keep track of how they are spent, all these makes them valuable even to the extent of auditing information as regarding the firm. Managers might understand financial information either based on how they monitor what occurs in the organization or what they learnt in from college. But it's unsafe for the managers to handle financial situation without the aid of a professional accountant.
Answer:
45 degree line
Explanation:
In the equilibrium in income and expenditure model, expenditure equals national income when the expenditure crosses the 45 degree line. This means that in income and expenditure being at equilibrium, it means that there is no shift, change, deviation from the outcome.
Expenditure below and above 45 degree is not in equilibrium as that means that government income is either less than or greater than the expenditure respectively.
Cheers
Given: Beginning inventory 360 units @ $65 each
Purchase:
1. 540 units @ $68 each
2. 270 units @ $70 each
Sales: 900 units
To calculate: cost of goods sold as per LIFO method (Last In First Out).
LIFO = stock coming in last will go out first.
Solution:- Cost of goods sold is calculated as follows:
270 units @ $70 each = 270*70 = $18900
540 units @ $68 each = 540*68 = $36720
900 - (270+540) = 90 units
remaining 90 units will be sold from inventory at the beginning
90 units @ $65 each = 90*65 = $5850
So, total cost of goods sold = $ (18900+36720+5850) = $61470.
Answer:
Available options are:
A) Substantial capital investment and access to capital
B) Strong marketing capability
C) Reputation for high ethical standards.
D) Effective product engineering and innovative design
Answer: A) Substantial capital investment and access to capital
Explanation:
In business strategy, COST LEADERSHIP is establishing a competitive advantage by having the lowest cost of operation in the industry. Cost leadership is often driven by company efficiency, size, scale, scope and cumulative experience (learning curve). ... If so, that company would have a higher than average profitability.
A cost leadership strategy is a company’s plan to become a cost leader in its category or market.
Substantial capital investment and access to capital is a very reliable resources for implementing a cost leadership strategy.
