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3 years ago

______________separates financial information into time periods for reporting purposes. (select an option)

Business

1 answer:

geniusboy [140]3 years ago

3 0

Answer:

a. Periodicity assumption

Explanation:

There are various assumptions and principles out of which few are given below:

1. Periodicity assumption: According to this, the business activities are divided on the monthly, quarterly, half yearly, yearly financial statements

2. Monetary unit assumption: According to this, the business transactions should be expressed in term of monetary units.

3. Economic entity assumption: According to this, the business activities or record keeping should be separate from its owners, shareholders, etc.

4. Going concern assumption: According to this, the business should be run for the longer time or forever. It will keep the business in running and there is no intention to closed or liquidate it.

In the given situation, the most appropriate option is a.

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The president believes that a $6,200 increase in the monthly advertising budget, combined with an intensified effort by the sale

nirvana33 [79]

<u>Solution and Explanation:</u>

calculating the increase in the net operating income is as follows:

S.no Particulars and explanation Amount

1. Sales ( $268000 + 84000 ) 352000

2. Contribution ( 1 multiply with 40 percent) 140000

3. Fied expense ( $119200 plus $6200 ) 125400

4. Net operating income ( 2 step minus 3 step) $14600

therefore, net operating income increased by $ 14600 plus $12000

Note: the sales were not given, so i have taken or assumed. Please change the figure if there is different figure of sales in the question given.

3 0

3 years ago

Which of the following is not an essential part of the accounting records?

Molodets [167]

Answer:

D. The worksheet

Explanation:

Accounting records are documents used to analyze and prepare financial statements. Accounting records are also documents which can be used to assess the performance of a company and also serves as source of records for audit purposes.

The followings are essential parts of accounting records; balance sheet, statement of cash flow, the ledgers , the journals, income statements etc.

7 0

3 years ago

On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares

Whitepunk [10]

Answer:

In attachment.

Explanation:

In attachment.

Download docx

6 0

3 years ago

Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct

FinnZ [79.3K]

Answer:

Total materials variance = (Actual quantity * Actual price) - (Standard quantity * Standard price)

= 2,850 - (230 * 14.4)

= 462 (Favourable)

Materials price variance = (Standard price - Actual price) * Actual quantity

= [1.8 - (2,850/1,500)] * 1,500

= 150 Unfavourable

Materials quantity variance = (Standard quantity - Actual quantity) * Standard price

= [(230 * 8) - 1,500] * 1.8

= 612 Favourable

Total labour variance = (Actual hours * Actual rate) - (Standard hours * Standard rate)

= 19,458 - (230 * 84)

= 138 Unfavourable

Labour price variance = (Standard rate - Actual rate) * Actual hours

= [14 - (19,458/1,410)] * 1,410

= 282 Favourable

Labour quantity variance = (Standard hours - Actual hours) * Standard rate

= [(230 * 6) - 1,410] * 14

= 420 Unfavourable

6 0

3 years ago

On March 1, 2015, Landon Company acquired real estate on which it planned to construct a small office building. The company paid

Murljashka [212]

Answer:

The amount to be reported as the cost of the land is $101,000

Explanation:

Given information

Paid cash - $90,000

Cost of property $7,600

Salvaged materials - $1,700

Attorney's fee for work concerning the land purchase - $1,100

Real estate broker's fee - $4,000

Architect's fee - $7,800

Put in driveways and a parking lot - $14,000

For computing the amount of the cost of the land, the Architect's fee and Put in driveways and a parking lot is not considered as it is not related to the land expenses. The computation is shown below

= Cash amount + Cost of property - Salvaged materials + Attorney's fee + Real estate broker's fee

= $90,000 + $7,600 - $1,700 + $1,100 + $4,000

= $101,000

Thus, the amount to be reported as the cost of the land is $101,000

4 0

4 years ago