Answer:
c,d and e
Explanation:
The correct statements given in the options are as stated below:
(c)-Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.
<em>This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped.</em>
(d)-When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.
<em>This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped, hence the shipping costs are the buyers responsibility and will form part of the costs of the goods</em>
(e)-Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.
<em>This is true because Free on Board destination means that the seller bears all liability whatsoever till the goods are delivered, hence the revenue for the goods can only be recognized upon successful delivery</em>
Answer:
the amount paid during the year is $16,875
Explanation:
The computation of the amount paid during the year is shown below:
Opening Balance $3,757
Add: Wages expense $15,188
Less: Closing Balance -$2,070
Amount Paid $16,875
Hence, the amount paid during the year is $16,875
We simply applied the above formula so that the correct value could come
And, the same is to be considered
Answer:
Stock is valued at lower of : cost or market price [prudence principle]
Explanation :
Prudence or Conservatism is an accounting principle : anticipating for all possible losses & expenditures, not anticipating for possible profits & gains. This makes business better prepared to face all contingent expenditures/ losses.
This concept's implication is that : Stock or Inventory is valued at the value whichever is lesser between 'cost of inventory' & sale price. This makes inventory valuation as per the above explained Prudence/ Conservatism principle.
Answer:
The correct answer will be "Expatriate".
Explanation:
- An expatriate seems to be a migrant worker through his or her occupation, a specialist, or maybe even a skilled worker.
- Expatriate managers could've been characterized because of those who aren’t residents including its country during which individuals work, and were employed because of everyone's specialized operational skills but rather because of about there willingness to employ organization knowledge.
