Answer:
False
Explanation:
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods.
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value.
Answer: Direct materials and direct labor.
Explanation:
Prime costs are the basic expenses a production company pays for to enable production. The prime cost basically involves cost on labor and raw materials needed for production.
The correct answer is B. Collaboration
Explanation:
Collaboration refers to the ability to cooperate, communicate, and work with others to achieve a common goal or complete a task. This is considered a soft skill because it is not related to knowledge but to interpersonal relations. Moreover, this is the skill Eden represents because when he found a problem when trying to complete a task he communicated and worked with his coworkers to solve the issue and successfully complete the task.
Answer:
(a) This will result in an understatement of revenue and net income by $34,900 in the income statement.
In the balance sheet, the liability account (unearned revenue) will be overstated by $34,900, the owners equity will be understated by the same amount.
(b) The income statement effect would be an understatement of expenses by $12,770 and an overstatement of net income by the same amount.
In the balance sheet, the omission will result in an understatement of the accrued wages account (liability) by $12,770, furthermore, the owners equity will be overstated by $12,770.
Explanation:
To recognize unearned revenue, the entries are debit cash and credit unearned revenue. As revenue is earned, debit unearned revenue (a liability account) and credit revenue with the amount earned.
To accrue for wages incurred but yet to be paid, the required entries are debit wages expense and credit accrued wages (a liability account).
Answer:
Explanation:
<u>To calculate the direct material price, quantity, and total variance; we need to use the following formulas:</u>
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (4.5 - 4.27)*50,500
Direct material price variance= $11,615 favorable
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (11*4,500 - 50,500)*4.5
Direct material quantity variance= $4,500 unfavorable
Total direct material cost variance= 11,615 - 4,500
Total direct material cost variance= $7,115
