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2 years ago

Identify the basic assumption or broad accounting principle that was violated in each of the following situations.

Business

1 answer:

andrezito [222]2 years ago

6 0

Answer:

1) expense recognition principle: expenses are recognized when they are consumed.

2) historical cost principle: a company must record its assets, liabilities, and equity investments at their original costs.

3) economic entity principle: the company's transactions should be kept separate from those of its owners or upper management.

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Michael works as a sales representative for an oilfield supply business in West Texas. He sells highly technical safety equipmen

Sphinxa [80]

Answer:

d. the complexity of the product.

Explanation:

Marketing can be defined as the process of developing promotional techniques and sales strategies by a firm, so as to enhance the availability of goods and services to meet the needs of the end users or consumers through advertising and market research. The pre-service strategies includes identifying the following target market, design, branding, market research. Thus, it comprises of all the activities such as, identifying, anticipating set of medium and processes for creating, promoting, delivering, and exchanging goods and services that has value for customers. It typically, involves understanding customer needs, building and maintaining healthy relationships with them in order to scale up your business.

Personal selling also known as face-to-face selling can be defined as a sales technique or strategy in which the salesperson meets with the potential buyer (customer) for the sole purpose of convincing him or her to buy a product.

For Michael, personal selling works better than other forms of promotion because of the complexity of the product i.e high technicalities associated with the product. The product Michael are highly technical and as such would require guidance or explanation on how to safely use them.

4 0

3 years ago

"Evan lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the en

julsineya [31]

Answer:

co-operative ownership

Explanation:

Cooperative ownership is an apartment ownership is the process where by a buyer receives shares of stock in the building corporation and a lease of the apartment being sold as the case of Mr Evan.

5 0

2 years ago

As an important control for the occurrence assertion related to sales, the computer starts with the population of daily sales in

7nadin3 [17]

Answer:

A. bill of lading

Explanation:

The bill of lading is the document that supports the sales invoice as the bil of lading contains the details regarding the shipment and the confirmation with respect to the delivery

So as per the given situation since it is mentioned in the question that for shipping documents the sales invoice should be supported by the bill of lading

hence, the same is to be considered

8 0

2 years ago

Rediger Inc., a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Pro

AVprozaik [17]

Answer:

$150,900

Explanation:

Calculation for what The cost of goods manufactured for June was:

Direct materials $56,800

Direct labor $30,700

Manufacturing overhead applied to work in process $53,900

Total manufacturing costs $141,400

Add: Beginning work in process inventory $31,000

$172,400

Less: Ending work in process inventory $21,500

Cost of goods manufactured $150,900

($172,400-$21,500)

Therefore The cost of goods manufactured for June was:$150,900

4 0

2 years ago

Please check my answer. I picked A.

yawa3891 [41]

You're correct. Because the definition of a franchise business is "A franchise is a business system in which private entrepreneurs purchase the rights to open and run a location of a larger company."

7 0

2 years ago