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rosijanka [135]
3 years ago
11

Significant accounting policies may not be:

Business
1 answer:
miskamm [114]3 years ago
7 0

Answer: A) omitted from financial-statement disclosure

Explanation: significant accounting policies may not be omitted from financial statement disclosure because it allows, among many other benefits, for financial statements to be compared with other entities when they are clearly shown. It also helps prevents losses and the misuse of assets. It allows both present and potential investors to be able to study open accounting policies in order to make informed decisions and/or before investing in a business.

An “accounting disclosure” is a statement that outlines the financial policies of a firm, showing expenses and profits over a time period.

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A firm has redesigned its production process so that it now takes 10 hours for a unit to be made. Using the old process, it took
Citrus2011 [14]

Answer:

Reduction in work in progress = $7500

Explanation:

given data

time = 10 hours

time = 15 hours

worth  = $1,500

to find out

reduction in work in process value

solution

we find work in progress   by this formula

work in progress  = Flow rate  × Cycle Time     .......................1

so Initial work in progress is

Initial work in progress   = (1 per hour)  × 10 hours = 10

and Final work in progress is here

Final work in progress   = (1 per hour) × 15 hours = 15

so

Initial work in progress   value = 10  × 1500

Initial work in progress   value= $15000

and

Final work in progress    value =15  × 1500

Final work in progress    value = $22500

so

Reduction in work in progress = $22500 - $15000

Reduction in work in progress = $7500

4 0
3 years ago
Which of the following is NOT an advantage of budgeting?
Mama L [17]

Answer:

a.It provides organizational independence.

Explanation:

Budget is a statement of income and expenditure of a certain period. Budgets are useful for forecasting the operating activities and financial position of a business enterprise and it ensures good business practice because they plan for future.

Organizational independence is a state in which an organization is not vulnerable for personnel turnover. Independent Organizations are normally mon profits or non government organizations and they are defined to be a collection of people who to pursue a charitable goal be it local, national or global level. Budgeting is applicable on dependent organizations instead of independent Organizations.

7 0
3 years ago
Rahm's credit card issuer calculates interest based on the outstanding
Llana [10]

Answer:

Adjusted balance method.

Explanation:

Adjusted balance method is defined a method of calculating financial interest based on the outstanding balance at the end of the last billing period after the payments after all necessary adjustment to the account has been made.

This method of interest calculating leads to a reduced finance charge with time as payments are being made to offset and reduce the balance on the card

3 0
3 years ago
describe a shopping good that you are someone you know purchase what kind of research did you are that person do before buying t
saveliy_v [14]
A shopping good that someone I know purchased is a dining set.The person conducted online research and compared the different options before settling on the item. The research was also mainly conducted on Google and Amazon. This involved reading peer reviews to decide the best product to purchase. <span> </span>
8 0
3 years ago
Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1
topjm [15]

Answer:

Following are the journal entries for Setterstrom Company;

<u>May 01</u>

Debit: Petty cash  = $100.00

Credit: Cash = $100.00

<u>Jun 01 </u>

Debit: Delivery Expense  = $31.25

Debit: Postage Expense  = $39.00

Debit: Miscellaneous Expense  = $25.00

Debit: Cash over/short (Balance amount)  = $3.00

Credit: Petty Cash ($100 - $1.75)  = $98.25

<u>Jul 01</u>

Debit: Delivery expense  = $21.00

Debit: Entertainment expense = $51.00

Debit: Miscellaneous expense = $24.75

Credit: Petty Cash ($100 - $3.25) =  $96.75

<u>Jul 10 </u>

Debit: Petty cash  = $30.00

Credit: Cash = $30.00

8 0
3 years ago
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