Answer:
There are four types of competition in a free market system:
- perfect competition
- monopolistic competition
- oligopoly
- monopoly
Under monopolistic competition, many sellers offer differentiated products—products that differ slightly but serve similar purposes.
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Answer:
$940 Favorable
Explanation:
Fixed manufacturing overhead budget Variance = Budgeted fixed overhead cost - Actual total fixed manufacturing overhead cost
Fixed manufacturing overhead budget Variance = $71,500 - $70,560
Fixed manufacturing overhead budget Variance = $940 F
So, the fixed manufacturing overhead budget variance for the period is closest to $940 F
Answer:
The depreciation for the first year is $75,000
Explanation:
In working hours method the depreciation on a fixed asset is charged using the ratio of numbers of hours utilized by the asset in a period and lifetime working capacity in hours.
First, we need to calculate the Depreciable value
Depreciable value = Cost of Asset - Salvage value = $315,000 - $15,000 = $300,000
Depreciation = Depreciable value x Numbers of hours worked / Total working capacity of Asset = $300,000 x 25,000 / 100,000 = $75,000
Answer:
The Matching Principle
Explanation:
The Matching Principle of accounting holds that revenues should be matched with expenses. Hence the name.
This is to say, that revenues should only be recognized when the associated expenses with those revenues have been spent.
For example, in numeral a), we can see that Norfolk Southern Corporation recieved cash in advance, but it only recognized revenue once it had performed the services associated with that cash collection.
Answer: Introduction phase.
Explanation:
Campbell's company is going through the introduction phase of it's development cycle. In the introduction phase, a business; builds it's customer base, makes very little or no profit, observes slow growth rate and the running cost is usually high, but the business tends to stabilize as it enters the growth phase.
