Answer:
The correct answer is:
The organization is called
Financial Accounting Standards Board.
The guidelines are called
Generally accepted accounting principles
that the CPA will use to prepare Wholly Shirts financial statements.
Explanation:
The FASB is an organization that provides guidelines for financial reports. The mission of the Council for Financial Accounting Standards (FASB) is to establish and improve financial accounting standards and the way of reporting; using public education, including issuers, auditors and other users of financial information.
The generally accepted accounting principles are a set of rules and norms that serve as an accounting guide to formulate criteria related to the measurement of equity and to the information of the patrimonial and economic elements of an entity.
Answer:
True
Explanation:
A channel of distribution is a series of firms or individuals that facilitate the movement of the product from the producer to the final consumer is a true statement.
A distribution channel consists of vendors, producers, out sourcing firms, logistic providers, sales persons, retailers, and finally consumers. Different companies have different channels of distributions based on their product needs and their market demand and expansion.
A product has to go through several processes in order to reach the consumer.
Answer:
Option (B) is correct.
Explanation:
A supply shock is a situation in which the price of the natural resource increases which result in an increase in the cost of production of the goods. This increase in the cost of production of the goods induces the producers to produce less amount of goods which reduces the supply of goods. This will lead to shift the short run supply curve of the goods leftwards and therefore, there is an increase in the price of the goods.
Answer:
The corresponding budgets in column B from which dollar amounts are transferred directly is paired correctly with the budgets listed in Column A.
as shown in the explanation section below
Explanation:
Solution
Given that
COLUMN A COLUMN B
1.Budgeted Income statement – (e)Sales Budget
2.Budgeted Balance sheet – (d)Payables Budget
3.Flow Cash Budget – (a)Direct materials budget
4. cost of goods sold – (b)cost of goods sold Budget
5.production Budget – (c)production Budget
Note: This is the complete question to this example.
Complete question
Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A.
Column A
1. Budgeted income statement
2. Budgeted balance sheet
3. Cash flow budget
4. Cost of goods sold budget
5. Production budget
Column B
a. Direct materials budget
b. Cost of goods sold budget
c. Production budget
d. Payables budget
e. Sales budget
f. Budgeted income statement