Answer:
The income statement describes a company's revenus and expenses.
Explanation:
The income statement is one of the most important financial statements, along with the balance sheet and the statement of cash flows.
The income statement shows the company's revenues and expenses over a specific period of time, usually a year, but it can be a shorter period of time.
The resulting substraction between revenues and expenses results in the company's net income or profit for the corresponding period.
Answer:
Given that,
Units purchased = 10,000
Per unit price = $8
The journal entry is as follows:
On May 7,
Materials A/c Dr. $80,000
To Accounts payable $80,000
(To record the purchase)
Workings:
Materials = Units purchased by company × Raw material per unit price
= 10,000 × $8
= $80,000
Answer:
a. Economic profit is the excess of revenue over both opportunity (implicit) and explicit costs. Explicit costs are the cost of all inputs used.
b. The difference between economic profit and accounting profit is that in calculating economic profit, both the explicit costs and the implicit or opportunity costs are deducted from the revenue. Whereas, in computing the accounting profit, only the explicit costs are deducted from the revenue.
c. Economists measure economic profit rather than accounting profit because economists believe that the real cost of an output includes the economic or opportunity cost (potential benefits lost as a result of the course of action chosen).
Explanation:
Opportunity cost is the implicit cost incurred, which is equal to the potential benefits lost by an individual or a business, when an alternative is chosen instead of the other alternative. It is an important concept in the computation of economic profit. The concept ensures that both implicit and explicit costs are considered when determining the profits generated by a business.
Narrow margin setting would you select to maximize the amount of space available for text on a page.
<h3>What allows you to align text so that it is fully flush with both margins?</h3>
- Also known as completely justified or full justification, text is aligned at the left margin and letter- and word-spacing is altered so the text lies flush with both margins.
- If justified in broad columns, a page can acquire symmetry.
- Every page of a document has a header, which is a space at the top of the page that can have one or more lines of text.
- The header is frequently used to list information about the document (such as the title) on each page.
- A section break essentially divides your document into multiple portions to allow for a page break, which simply pushes any material following that page break onto the next page.
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Answer: The correct answer is A). Net income is overstated.
Explanation: Net income is equal to Income less expenses. When an accrued expense is not recognised it results in an understated expense which in turn leads to an overstated net income.
Wages payable is a liability. An omission of such a liability means that wages expenses is also omitted.
