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3 years ago

____________indicates that personal and business record keeping should be separately maintained. (select an option)

Business

1 answer:

masya89 [10]3 years ago

6 0

Answer:

c. Economic entity assumption

Explanation:

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

1. Expenses recognition principle: According to this, the expenses of a particular year would be recorded on that year itself as the sale is recorded for the particular year

2. Full disclosure principle: According to this, all the important information should be disclosed by the company which can change the decisions of the users of the company

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 a 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 c.

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-My shopfront or roller shutter has been damaged, do you deal with insurance companies?

Tasya [4]

Answer:

Explanation:

It would be an out of pocket cost

5 0

3 years ago

Lakeside, Inc. estimated manufacturing overhead costs for the year at $371,000, based on 180,000 estimated direct labor hours

Anna71 [15]

Answer:

D.$400 over allocated

Explanation:

For computing the over-allocated or under-allocated amount, first, we have to determine the predetermined overhead rate which is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $371,000 ÷ 180,000 hours

= $2.06

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 190,000 hours × $2.06

= $391,400

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $391,000 - $391,400

= $400 over - applied

7 0

3 years ago

Sound Company reported the following amounts for May, 2008: Direct materials purchased $254,000 Beginning raw materials inventor

Yakvenalex [24]

Answer:

$254,100

Explanation:

The computation of the cost of direct materials used in production is shown below:

= Direct materials purchased + Beginning raw materials inventory - Ending raw materials inventory - Indirect materials requisitioned and used

= $254,000 + $12,000 - $7,900 - $4,000

= $254,100

Hence, all the other information is not considered. Therefore, ignored it

6 0

3 years ago

When the price of Milk is $5 per gallon consumers demand 1,000 boxes of Boo Berry Cereal. When the price of milk increases to $5

alexandr1967 [171]

Answer: a. 10%

b. -30%

Explanation:

a. What is the percentage change in the price of milk?

Old price = $5.00

New price = $5.50

Percentage change = ($5.50 - $5.00)/$5.00 × 100

= 0.50/5.00 × 100

= 1/10 × 100

= 10%

Percentage change on price = 10%

b. What is the percentage change in the quantity demanded for Boo Berry Cereal?

Old quantity = 1000

New quantity = 700

Percentage change = (700 - 1000)/1000 × 100

= -300/1000 × 100

= -30%

The percentage change in the quantity demanded for Boo Berry Cereal is -30%.

6 0

3 years ago

What is the economic theory that is the opposite of capitalism? Answer command economy market economy socialism competition

Archy [21]

A command economy would be an economic system that is the opposite of capitalism. A command economy could exist in a socialist system as well, whereby the state controls major businesses in an economy and provides close economic planning for a country's industries rather than allowing private ownership and free markets under capitalism.

7 0

3 years ago