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2 years ago

The selection of an appropriate inventory cost flow assumption for an individual company is made by

Business

1 answer:

Butoxors [25]2 years ago

3 0

Answer: Management

Explanation:

The management is one of the type of organization that manage the various types of business activities for the purpose of achieving the goals and the following are some main function of the management are as follows:

Controlling the system
Planning the overall function
Organizing

According to the given question, the selection of the inventory cost flow in the system by the company then it is known as the management as it handles all the inventory business of the various types of products and the services in the management.

Therefore, Management is the correct answer.

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Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended

Nookie1986 [14]

Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

Explanation:

A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

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2 years ago

Read 2 more answers

Which of the following statements is not true for T accounts?

Sever21 [200]

Answer: The statement "d. The excess of the credits of an asset account over the debits is the balance of the account.". is <u>NOT TRUE.</u>

Explanation: The statement "d." is not true because according to the basic equity equation (ASSETS = LIABILITIES + EQUITY).

The excess of the debits of an asset account over the credits is the balance of the account and the excess of the credits of an owner's equity account or a liability account over the debits is the balance of the account.

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2 years ago

The models for responding to either liked or disliked changes both end in

Nookie1986 [14]

<span>A.
constructive direction.</span>

6 0

3 years ago

Bluestone Company had three intangible assets at the end of the current year: a. A patent purchased this year from Miller Co. on

german

Answer:

Acquisition cost

a. Patent: $6,000

b. Trademark: $4,000

c. Computer licensing rights: $42,000

2. Amortization for current year

a. Patent: $500

Annual Amortization charge = Cost / Estimated life = $6,000 / 12 = $500

b. Trademark: $0. Since it has an indefinite life.

c. Computer licensing rights: $7,000

Annual Amortization charge = Cost / Useful life = $42,000 / 6 = $7,000

3. Balance Sheet (Partial)

Assets

Intangible Assets=$44,500

($6,000 + $4,000 + $42,000 - $500 - $7,000)

Income Statement (Partial)

Under Continuing operations

Amortization expense=$7,500

6 0

2 years ago

Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of Procter & Gamble, a maker

AfilCa [17]

Answer:

a. factory overhead cost

b. factory overhead cost

c. factory overhead cost

d. direct labor cost

e. direct materials cost

f. direct labor cost

g. factory overhead cost

h. direct materials cost

i. direct materials cost

j. factory overhead cost

Explanation:

Direct Material Costs and Direct Labor Costs are easily traceable to the cost object whilst its difficult to trace Factory Overhead Costs to the cost object.

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2 years ago