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Anuta_ua [19.1K]
3 years ago
10

The fixed portion of the cost of electricity for a manufacturing facility is classified as a: Period cost Product Cost A) Yes Ye

s B) No No C) No Yes D) Yes No
Business
1 answer:
Liono4ka [1.6K]3 years ago
7 0

Answer:

Option C (No Yes) is correct.  

Explanation:

Option C is correct because any cost associated with the production of commodity weather it is fixed or variable cost, all type of costs is considered as the cost of the product. Therefore, the cost fixed portion of the cost to manufacture the electricity is product cost because it is a fixed cost to manufacture the electricity.

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Hibiscus Corporation began operations on January 1, Year 1. On December 15, Year 1, the company received a payment in the amount
mars1129 [50]

Answer:

$12,000

Explanation:

The main difference between cash basis accounting and accrual accounting is that accrual accounting recognizes revenue only after the earning process is completed. On the other hand, cash basis accounting recognizes revenue and expenses when the money is received or paid, regardless of when the service is provided. This is why the US GAAP doesn't allow cash basis accounting.

The IRS allows cash basis accounting for individuals and small businesses that only deal with cash payments, but they must meet certain criteria:

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4 0
3 years ago
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olga2289 [7]
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4 0
3 years ago
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The auditors are concerned about transactions that have been recorded in the journals (and subsequently in the ledgers) that are
rodikova [14]

Complete question:

Assume the following general flow of documents in an accounting system. Reply to the following question:

"Source Documents --> Journals --> Ledgers"

The auditors are concerned about source documents that reflect valid transactions that have not been recorded in the journals. Which procedure would be most effective?

(1) Trace from source documents to journals.

(2) Vouch from journals to source documents.

Either (1) or (2).

Answer:

(1) Trace from source documents to journals.

Explanation:

Tracing is the method of tracking the transaction back to the source document in accounting records. Transaction failures are monitored and auditors are often used to ensure whether transactions have been properly reported.

Tracing relates to the compilation and the follow-up to the record of an financial transaction (the source document).

Tracing checks to see that the transactions that happened in the financial reports are registered. Therefore it would be most effective to translate "Trace documents from source into journals."

3 0
3 years ago
Paving LLC is a foreign limited liability company in the state of Ohio. In dealing with Paving, Ohio will apply the law of the s
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Answer: B. Was formed

Explanation:

Limited liability companies that are doing business in the states other than the states that they registered originally may have to seek the status of foreign LLC in such states.

Therefore, since Paving LLC is a foreign limited liability company in the state of Ohio. In dealing with Paving, Ohio will apply the law of the state where the firm was formed. Therefore, the correct option is B.

5 0
2 years ago
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