This is because a loss would be recorded (debit) and liability established (credit) in advance of the settlement.
Responsibility is the responsibility of the individual or company and is usually the amount. Debts are settled over time by the transfer of economic interests, including money, goods, or services. The liabilities shown on the right side of the balance sheet include loans, liabilities, mortgages, income receivable, borrowings, guarantees, and accrued expenses.
Liability can be compared to assets. Debt is what you owe or owe. An asset is something you own or owe.
Main findings
Responsibility (generally) is something that owes someone else.
Liability may also mean legal or regulatory risk or obligation. In
accounting, companies compare liabilities to assets.
Current liabilities are short-term financial liabilities of companies that are due within a year or within the normal business cycle (such as accounts payable).
Long-term (long-term) liabilities are liabilities that are recorded on the balance sheet and are due within one year.
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Answer:
Allocated MOH= $320
Explanation:
Giving the following information:
Overhead Direct Labor Product
Hours (dlh) A B
Painting Dept. $248,000 10,000 dlh 16 dlh 4 dlh
Finishing Dept. 72,000 10,000 4 16
Totals $320,000 20,000 dlh 20 dlh 20 dlh
<u>First, we need to calculate the plantwide overhead rate:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 320,000 / 20,000
Predetermined manufacturing overhead rate= $16 per direct labor hour
<u>Now, we can allocate overhead:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 16*20
Allocated MOH= $320
The important thing to remember when asking a person to be a
part of your employment network is that to always to think that an individual
has their own strength and weaknesses and it’s up to you to take note whether
it is an asset to the company.
<u>Product Protocol is a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do to satisfy consumers</u>
Explanation:
<u>Product protocol</u> is also termed as <u>Product definition ,Product requirement,Product deliverables.</u>
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<u>A product protocol is required after the selection of the product and you are done with the Concept testing ,the preliminary sales forecasting of the product is also completed.</u>
<u>The Product Protocol can be said to be a written document or statement that is required by the various division of a company (like the R&D,Marketing,procurement,production departments)</u>