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Georgia [21]
2 years ago
6

Q 4.24: At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended

on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both ________ accounting and GAAP require that Paul’s recognize the employees’ total salary expense in
Business
2 answers:
Nookie1986 [14]2 years ago
7 0

Answer:

At the end of March, Paul’s Painting hired five temporary employees to work on a project that began on April 5 and ended on April 28. Paul’s received 100% of the total payment for the project on May 3. In this situation, both cash basis accounting and GAAP require that Paul’s recognize the employees’ total salary expense in April.

Explanation:

A collection of accounting rules and standards usually followed, for financial reporting is known as GAAP (generally accepted accounting principles) .

For businesses, GAAP needs accrual accounting.

Accrual accounting operates on the basis of matching both revenue and expenses. Revenues and the related expenses occur concurrently, though the cash transaction concerning thereto might happen in some other period.

In the situation given in the question, the revenue from the project is earned in April, subsequently, the salary expense related to that work should also be recognized in the same period due to an accrual basis.

IceJOKER [234]2 years ago
5 0

Answer:

Accrual-basis, April

Explanation:

Accrual basis of accounting stipulates that revenue should be recognized when earned while expense should be recognized in the books when incurred.

Earning a revenue implies that the person has discharged his or her obligation under the contract  with the buyer in terms of having the delivered the goods requested for or provided the services sought for.

Incurring an expense implies that the company such Paul's painting has enjoyed the services demanded for ,such as having enjoyed the services of the temporary employees in the April,hence their salaries should be recorded as expense in April.

The same approach to recording expense to GAAP-U.S GAAP as wells as IFRS

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one business attracts another business of similar type and together they may make more money than they would have singularly. th
Alexus [3.1K]

This is an example of competition principle of value.

The required details about business principle of value is mentioned in below paragraph.

The term "business" designates an innovative person, group, or organization that engages in commercial activity. They might be business-related, industrial, or something else. Businesses that operate for profit do so in order to make a profit, while those that operate for good will do so.

Competition's guiding principle: According to the competition principle, excessive profits in any industry will result in excessive competition, which will then obliterate profits. Think about a business that debuts in a secure neighborhood.

What benefit does rivalry have?

The cornerstone of a robust American economy is healthy market competition. Fundamental economic theory shows that when businesses compete for customers, it results in cheaper prices, better goods and services, more variety, and more innovation.

Thus, competition is the correct answer.

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8 0
1 year ago
Which of the ten knowledge areas defined in the Project Management Body of Knowledge includes the processes required to ensure t
strojnjashka [21]

Answer:

Project Scope Management is the applicable knowledge area.

Explanation:

Project Management involves the use of knowledge skills, tools,  techniques to meet the requirement of the project. Other knowledge areas in Project Management include;

  • Project Procurement Management
  • Project Risk Management
  • Project Integration Management
  • Project Communication Management
  • Project Human Resource Management
  • Project Time Management
  • Project Cost Management
  • Project Quality Management
  • Project Stakeholder Management

Project Scope Management involves explaining what the project will entail.  It ensures people have a clear understanding of what the project is about.  

5 0
3 years ago
A company has two products: standard and deluxe. The company expects to produce 36,375 standard units and 62,240 deluxe units. I
Scrat [10]

Answer:

  1. A1 = $12 A2 = $9.20 A3 = $1.50
  2. Total Overhead for Standart Product              $267.16
  3. Total Overhead for Deluxe Product              $163.48

Explanation:

First we will Calculate the rates:

This is done by adding the two product activity use to get the total cost driver.

Then we divide by the activity cost to get the rate:

\left[\begin{array}{cccc}activity&cost&driver&rate\\1&93,000&7,750&12\\2&92,000&10,000&9,2\\3&8,700&5,800&1,5\\\end{array}\right]

Next we check the overhead per unit:

units/ activity use x rate = overhead for activity

<em>Standart Product Manufacturing Overhead</em>

36,375units /2,500 Use Activity 1   x $12    =  $174.60

36,375units /4,500 Use Activity 2 x $9.20 =   $74.37

36,375units /3,000 Use Activity 3  x $1.50=      $18.19

Total Overhead for Standart Product              $267.16

<em>Deluxe Product Manufacturing Overhead</em>

62,240units /5,250 Use Activity 1   x $12    =   $83,14  

62,240units /5,500 Use Activity 2 x $9.20 =   $60,85

62,240units /2,800 Use Activity 3  x $1.50=      $19,49

Total Overhead for Deluxe Product              $163.48

 

 

7 0
3 years ago
Which organization does not provide free or loss cost training and counseling associated with the Small Business Association
xeze [42]

The organization that does not provide free or loss cost training and counseling associated with the Small Business Association is IBRD.

<h3>What is Small Business Association?</h3>

A Small Business Association are agencies that provides resources (like capital, skill, advice) to small businesses for innovation, growth etc

SCORE, VBOC and WBC are all agencies that provide free mentoring services, free training, loss-cost training, counseling etc

Hence, the organization that does not provide free or loss cost training and counseling associated with the Small Business Association is IBRD

Therefore, the Option A is correct.

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2 years ago
Determine the ending inventory under the conventional retail method for the furniture department of Mayron Department Stores fro
Alisiya [41]

Answer:

$199,541.51

Explanation:

5 0
3 years ago
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