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Citrus2011 [14]
3 years ago
10

The cost principle is the basis for entering the purchase price into the accounting records.a. Trueb. False

Business
1 answer:
faltersainse [42]3 years ago
6 0

Answer:

The correct answer is letter "A": True.

Explanation:

The cost principle or historical cost establishes that an asset must be recorded at its face value at the moment when the asset is acquired. That cost is recognized as the value of the asset unless there is reasonable proof to state the opposite. Under this principle, any organization can register in its books an asset that has not been part of a transaction yet.

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Read 2 more answers
Jeremy Corporation estimated manufacturing overhead costs for the year to be $500,000. Jeremy also estimated 8,000 machine hours
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Answer:

Allocated overhead= $375

Explanation:

Giving the following information:

Jeremy Corporation estimated manufacturing overhead costs for the year to be $500,000. Jeremy also estimated 8,000 machine hours and 2,000 direct labor hours for the year. It bases the predetermined overhead allocation rate on machine hours.

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