A useful way of standardizing financial statements is to choose a base year and then express each item relative to that amount.
Below, this is further discussed.
<h3>Financial statements: What are they?</h3>
Financial statements, in general, are official records of the financial activity and condition of a company, an individual, or another organization. Structured and simple-to-comprehend presentations of pertinent financial data are made.
In summary, Selecting a base year and then expressing each item according to that sum is a helpful method for standardizing financial reporting.
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Answer:
Entrepreneurs occupy a central position in a market economy. For it's the entrepreneurs who serve as the spark plug in the economy's engine, activating and stimulating all economic activity. The economic success of nations worldwide is the result of encouraging and rewarding the entrepreneurial instinct.
Explanation:
In order to better understand what motivates human beings, Maslow proposed that human needs can be organized into a hierarchy.
Maslow organized human needs into a pyramid that includes (from lowest-level to highest-level) physiological, safety, love/belonging, esteem, and self-actualization needs.
Physiological needs - these are biological requirements for human survival, e.g. air, food, drink, shelter, clothing, warmth, sex, sleep.
If these needs are not satisfied the human body cannot function optimally. Maslow considered physiological needs the most important as all the other needs become secondary until these needs are met.
2. Safety needs - once an individual’s physiological needs are satisfied, the needs for security and safety become salient. People want to experience order, predictability and control in their lives. These needs can be fulfilled by the family and society (e.g. police, schools, business and medical care).
For example, emotional security, financial security (e.g. employment, social welfare), law and order, freedom from fear, social stability, property, health and wellbeing (e.g. safety against accidents and injury).
3. Love and belongingness needs - after physiological and safety needs have been fulfilled, the third level of human needs is social and involves feelings of belongingness. Belongingness, refers to a human emotional need for interpersonal relationships, affiliating, connectedness, and being part of a group.
Examples of belongingness needs include friendship, intimacy, trust, and acceptance, receiving and giving affection, and love.
4. Esteem needs are the fourth level in Maslow’s hierarchy and include self-worth, accomplishement and respect. Maslow classified esteem needs into two categories: (i) esteem for oneself (dignity, achievement, mastery, independence) and (ii) the desire for reputation or respect from others (e.g., status, prestige).
Maslow indicated that the need for respect or reputation is most important for children and adolescents and precedes real self-esteem or dignity.
5. Self-actualization needs are the highest level in Maslow's hierarchy, and refer to the realization of a person's potential, self-fulfillment, seeking personal growth and peak experiences. Maslow (1943) describes this level as the desire to accomplish everything that one can, to become the most that one can be.
Individuals may perceive or focus on this need very specifically. For example, one individual may have a strong desire to become an ideal parent. In another, the desire may be expressed economically, academically or athletically. For others, it may be expressed creatively, in paintings, pictures, or inventions.
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Answer: The options are given below:
A. Use of a single predetermined overhead rate.
B. Use of direct labor hours or direct labor cost to assign overhead.
C. Assumption of correlation between direct labor and incurrence of overhead cost.
D. Use of multiple cost drivers to allocate overhead.
The correct option is D.
Explanation: The traditional costing system refers to the allocation of factory overhead to products, and this is based on the total amount of production resources that have been consumed.
When using the traditional costing system, the overhead is usually applied based on either the total number of direct labor hours consumed or the total number of machine hours used.
The traditional costing systems treat overhead costs as a single pool of indirect costs. Traditional costing is optimal when indirect costs are low when in comparison with direct costs.
Answer:
• Cost of direct materials used $172,000
• Cost of direct labor $154,000
• Cost of goods manufactured $401,700
• Cost of goods sold $427,500
• Gross profit $1,472,500
Explanation:
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