Loans are sums of money that are expected to be paid back with interest or in full
Answer:
d. A credit to Prepaid Insurance for $680.
Explanation:
The computation of the prepaid insurance is shown below:
Given that
Four month prepaid insurance = $2,720
For one month, the prepaid insurance is
= $2,720 ÷ 4 months
= $680
Since we have to record the prepaid expenses for 1 month, we divided the total prepaid insurance by the 4 months due to that it decreases by $680 and that's why we credited this account
The partial year of service is from Januarry to May.
Thus, using straight line mathod, the <span>depreciation expense on the equipment for the year is given by:
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Complete Question:
The principle of exceptions allows managers to focus on correcting variances between
Group of answer choices
a. standard costs and actual costs
b. competitor's costs and standard costs
c. variable costs and actual costs
d. competitor's costs and actual costs
Answer:
a. standard costs and actual costs
Explanation:
A principle of exception can be defined as a theory that states that, only relevant and significant deviation about an asset is brought to the knowledge of a manager for the decision-making process or consideration.
The principle of exceptions allows managers to focus on correcting variances between standard costs and actual costs.
Answer: Option B
Explanation: In simple words, functional departmentalization refers to the process in which an organisation makes different departments within, for performing different tasks.
For example - all the activities related to procurement of money will be performed by finance department.
The main advantage of doing so is that each department will perform only specific assigned activities and all the employees working in the departments will be those who are experts in the field.
