In a fixed budget, if the activity level increases, some of the costs associated with the budget increase as well.
Typically, with a fixed budget the budget plan stays the same when activity increases or decreases. However, sometimes the increase is so large in activity that it's inevitable to increase budget costs to stay on the appropriate production track.
<span>C.) The amount of money earned in a week being invested in new book purchase
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The required double entry to adjust the accounts for salaries accrued at the end of the accounting period is a debit to the Salaries Expenses Account and a credit to the Salaries Payable Account.
- The Salaries Payable account is a current liability because the firm has not yet paid cash for.
- Debiting the Expense account and crediting the Payable account complete the double entry. This is a recognition of the accrual concept and the matching principle of generally accepted accounting principles.
Thus, the accrual concept and the matching principle require that expenses that have not been paid for be accounted for in the period that they are incurred to match with the revenue that they generated.
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Answer:
B. The amount of equity reported by Frankfort Corporation is $672,000
Explanation:
Equity earnings
= Frankfort's share in net income of Bradley
= 1,680,000 * 40%
= 672,000
Option B
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Answer:
e
Explanation:
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