Answer:
A. Debit internet expense $200 and credit prepaid internet service $200.
Explanation:
On December 31 total expense of 3 months has been accrued and it should be recorded on the period end as per accrual basis and the balance should be transferred from prepaid internet service account to internet service expense account.
Accrued Internet Expense for the period = (800/12) x 3 = $200
Internet Expense should be debited by $200 in respect to the internet expense accrued during the period and prepaid internet service account should be credited to transfer the balance.
<u>Answer: </u>Option 2
<u>Explanation:</u>
Total quality management is a strategy that is used by the business to reduce the errors by identifying them. The main aim of the strategy is to maintain the quality of the business. The efforts that is taken to improve customer satisfaction, increasing employee participation, improving supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement is called as Total quality management.
The overall final product or service delivered quality has to be perfect in this strategy. It is one of the success strategy that many organisations use.
Answer:
Liabilities until the product or service is provided
Explanation:
The accrual principle of accounting implies that cash received in advance will be treated as liability until its earned in form of cash
Accounting treatment of advance payments is: Cash Dr and Liability Cr
The cash received from customer in advance would not be treated as revenue until the goods are delivered or services are rendered to the customer.
.
Answer:
This is a claim
Explanation:
When someone has an insurance policy and needs a loss or damages covered they file a claim. For example if a person has a house fire they flie a claim with their insurance to cover the damage, often through repair or replacement.
Answer:
Attached below is the required flowchart
Explanation:
Process used in placing an order
- Registration/signing up of user
- selection of goods by user
Process for filing the Order
- picking the exact quantity and type of goods
- placing order on selected items
- checking out
process for receiving payment
- Paying for goods that are Pay before delivery
- Cancellation of order incase order was not fulfilled