Answer:
The correct answer is letter "C": a common set of standards and principles.
Explanation:
The Generally Accepted Accounting Principles (GAAP) are a compilation of <em>official rules, standards, and procedures to be used by publicly traded companies</em> to prepare their financial statements. GAAP standards define how businesses record and report their financial data, and are used in accounting practices to ensure consistency and precision.
The economics discipline focuses on understanding trade-offs in decision-making. The above statement is true.
<h3>
What is economics?</h3>
- The social science of economics focuses on the creation, exchange, and consumption of goods and services.
- Economics is the study of how economies function and the activities and interactions of economic agents.
- Microeconomics is a branch of economics that studies individual actors and markets, as well as how they interact and what happens as a result of those interactions. Examples of individual agents include homes, businesses, buyers, and sellers.
- Macroeconomics examines the economy as a system in which production, consumption, saving, and investment coexist, as well as factors influencing it such as the employment of labor, capital, and land resources, currency inflation, economic growth, and public policies that have an effect on these components.
To learn more about economics with the given link
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Answer:
Net operating income= $3,152
Explanation:
Giving the following information:
Job 245 was completed on September 14 and the client was billed at cost plus 40%.
Job 245:
Direct Materials= $6,700
Direct Labor= $2,300
Overhead= 0.60*2300= $1,380
Total cost= $10,380
Sales= 1.4*10380= $14,532
Cost od goods sold= 10380
Gross profit= 4152
Selling and administrative expense= 1000
Net operating income= $3,152
Answer:
c.credit to Wages Payable for $6,300.
Explanation:
The journal entry to record the wages expense is shown below;
Wages expense dr ($10,500 × 3 ÷ 5) $6,300
To Wages payable $6,300
(being the wages expense is recorded)
Here the wages expense is debited as it increased the expense and credited the wages payable as it increased the liabilities
