Answer:
B. Debit insurance expense for $13,500 and credit prepaid insurance for $13,500.
Explanation:
If 6 months past from the beginning of the contract then these past 6 months must be reflected as expenses in the balances.
$13,500 reflect the expenses of the past 6 months from July 1 to December 31, then the entry Debit insurance expense for $13,500 and credit prepaid insurance for $13,500 reflect the proper balances at the end of the year.
The four areas in which standards of ethical conduct exist for management accountants in the united states are.
(1) Competence, (2) Confidentiality, (3) Integrity, and (4) Credibility. These standards are set by the Institute of Management Accountants (IMA).
<h3>
What is Institute of Management Accountants?</h3>
- The National Association of Cost Accountants, which eventually became Institute of Management Accountants, was established in Buffalo, New York in 1919. Its main office is in Montvale, New Jersey, in the United States, and it also has regional offices there as well as in Europe, the Middle East, and India.
- It established the management accounting practices committee in 1969 with the mandate of advancing management accounting as a primary field of study consistent with Institute of Management Accountants viewpoints.
- Twelve people from different accounting bodies, including the FASB and other well-known regulatory bodies, made up the group.
- The Institute of Management Accountants representatives were commended for their knowledge of accounting. Later, the committee combined with the Foundation for Applied Research to establish the MAC/FAR committee.
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Answer:
Components of creation that can be differed with yield delivered are alluded to as factor elements of creation.
Elements of creation that can't be differed with yield delivered are alluded to as fixed elements of creation.
In given case, stove and laborers are utilized in pizza creation.
It has been given that in short-run, number of stoves can't be changed however number of laborers can be changed.
Along these lines,
In short-run, these laborers are variable information sources, and the stoves are fixed data sources.
Number of Workers: 0
Output (Pizzas): 0
Marginal Product of Labor (Pizzas): 0
Number of Workers: 1
Output (Pizzas): 70
Marginal Product of Labor (Pizzas): 70
Number of Workers: 2
Output (Pizzas): 120
Marginal Product of Labor (Pizzas): 50
Number of Workers: 3
Output (Pizzas): 160
Marginal Product of Labor (Pizzas): 40
Number of Workers: 4
Output (Pizzas): 190
Marginal Product of Labor (Pizzas): 30
Number of Workers: 5
Output (Pizzas): 200
Marginal Product of Labor (Pizzas): 10
Liquidation or the most frequent type of bankruptcy for individuals is straight bankruptcy. Your assets—anything you own with monetary value—are liquidated (sold) under the supervision of a court-appointed trustee in order to satisfy your debts.
<h3>How can bankruptcy be avoided?</h3>
preserving a positive cash flow, choosing a change in management, basing decisions on a business strategy, maintaining correct financial records, and maintaining excellent relations with creditors.
<h3>Which two primary categories of bankruptcy are there?</h3>
There are two distinct categories of bankruptcy cases out of these five types: 1) Straight/Liquidation, 2) Reorganization—the latter requires the designation of classes of claims and interests in the reorganization plan.
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