Answer:
See explanation
Explanation:
Consider liabilities due within period of more than 12 months for the long-term liabilities section of the balance sheet.
Answer:
(a) Belief that a company will remain in operation for the foreseeable future.
Accounting assumption or principle: Going concern assumption
(b) Indicates that personal and business record-keeping should be separately maintained.
Accounting assumption or principle: Economic entity assumption
(c) Only those items that can be expressed in money are included in the accounting records.
Accounting assumption or principle: Monetary unit assumption
(d) Separates financial information into time periods for reporting purposes.
Accounting assumption or principle: Periodicity assumption
(e) Measurement basis used when a reliable estimate of fair value is not available.
Accounting assumption or principle: Historical cost principle
(f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.
Accounting assumption or principle: Full disclosure principle
Make Profit and be successful
Answer:
total budgeted costs = $141,570
budgeted production = 1,000 units
standard rate = $141,570 / 1,000 = $141.57 per unit
total actual costs = $135,810
actual production = 850 units
actual rate = $135,810 / 850 = $159.78 per unit
- total fixed overhead variance = actual overhead costs - budgeted overhead costs = $135,810 - $141,570 = -$5,760 favorable. The actual overhead expense was lower than budgeted.
- controllable variance = (actual rate - standard rate) x actual units = ($159.78 - $141.57) x 850 units = $15,478.50 unfavorable. The actual overhead rate was higher than the standard rate, that is why the variance is unfavorable (more money was spent than budgeted).
- volume variance = (standard activity - actual activity) x standard rate = (1,000 - 850) x $141.57 = 150 x $141.57 = $21,235.50 unfavorable. Less units where produced than budgeted, that is why the variance is unfavorable.
I believe it's A. bearing since they are low friction bearings designed to reduce surface area, friction
