Answer:
C. Relevant range of production
Explanation:
Answer:
Bulk
Explanation:
Trade discount is the reduction in the retail price of products that arises from bulk sales or purchases.
Answer:
Hie, the question has missing amounts / account balances relating to the following Accounts<em> Prepaid Insurance</em>, <em>Salaries and Wages Expense</em> and <em>Depreciation Expense</em>. However, both the debits and credit totals must add up to $292 as only debits are missing.
Explained and illustrated below is the approach to take on this question.
A trial balance is a list of balances (debit or credit) extracted from ledger accounts.
<u>Adjusted Trial Balance At December 31</u>
Debits Credit
$000 $000
Cash 58
Accounts Receivable 7
Prepaid Insurance (missing)
Equipment 120
Accumulated Depreciation 8
Accounts Payable 7
Common Stock 116
Retained Earnings 17
Sales Revenue 131
Insurance Expense 9
Salaries and Wages Expense (missing)
Supplies Expense 46
Depreciation Expense (missing)
Salaries and Wages Payable 11
Income Tax Expense
Income Tax Payable 13
Totals 292 292
Answer:
As a part of internal accounting controls, the activity called <u>RECONCILIATION</u> involves detecting and avoiding errors.
Explanation:
Reconciliation involves detecting and avoiding errors since it helps management to discover or detect any mistakes and errors, and can also help to understand why these errors occurred and how to prevent future mistakes.
Reconciliation is basically comparing two different accounting records and making sure that they match, e.g. reconciliation of bank account and cash balance. If you cannot reconcile the company's bank account with its cash balance, it means something is wrong. Is the mistake intentional? Why did it occur? How can you prevent it from happening again? Can it be solved?
