Answer:
Correct Answer:
1. The prices will apply only to units purchased in excess of the quantity normally purchased by a customer.
Explanation:
This is because, the excess of the product purchased by the customer would be deemed eligible for special sales price. For example, Customer A use to purchase product B, 400 pieces each month.
<em>In the month the sales prices started, he purchased 900 pieces of same product. Then, the special sales price would apply to 500 pieces of the product which was extra quantity he bought aside his regular quantity.</em>
The effect of this error at the end of the year is:Understatement of net income $2000 and Overstatement of costs of goods sold $2000.
<h3>Effect of this error at the end of the year</h3>
Since the company understated their ending inventory during their first year by the amount of $2,000. The effect of the ending inventory that was understated will be:
- Understatement of net income of the amount of $2000
- Overstatement of costs of goods sold of the amount of $2000
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Answer:
A
Explanation:
If the yield to maturity is greater than the bonds coupon rate the bond is selling at a discount. Bond issuers would receive less than the face value of the bond as payment when the bond is sold
If the yield to maturity is less than the bonds coupon rate the bond is selling at a premium. Bond issuers would receive a greater sum than the face value of the bond as payment when the bond is sold
If a bond’s coupon rate is equal to its yield to maturity, then the bond is selling at par. Bond issuers would receive an amount equal to the face value of the bond as payment when the bond is sold
Answer:
b. Beginning work in process
Explanation:
Work in process (WIP) doesn't form part of the flow of manufacturing activities.
The flow of manufacturing activities include the following format:
Opening raw materials
+ Raw materials Purchases
Raw materials available for use in production
- Ending Raw Materials Inventory
Raw Materials Used in Production
<em>For manufacturing activities an entity will have the opening raw material to be used in production and will include more raw material purchased during the period which will total as the raw materials available for use in production. Through out the manufacturing activities the raw material available for use is utilized and any quantity that remains (i.e closing inventory) is subtracted to get raw material used in production, which also represents the cost of material used in the calculation of cost of goods sold (COGS). </em>
Managerial skills become increasingly important.
