Answer:
Financial accounting practise is governed by concepts and rules known as generally accepted accounting principles <em>GAAP </em>. To use and interpret financial statements effectively we need to understand these standards. If these standards are not understood implemented or maintained the companies would fail to achieve their targets and lose all the business.
A main purpose of GAAP is to make information in financial statements relevant reliable and comparable. Relevant information affects the decision of its users. Reliable information is trusted by users. Comparable information is helpful in contrasting organizations.
An audit examines whether financial statements are prepared using GAAP. It does not attest to the accuracy of the statements.
State ethics codes requires CPAs who audit financial statement to disclose areas where those statements fail to comply with GAAP. If CPAs fail to report non compliance , they can lose their licenses and subject to criminal action and fines.
Answer:FEDERAL- 8.22%
FICA Medicare-1.45%
FICA Social Security 6.20%
STATE-3.83%
Explanation:cuz I said so
Customers costs companies campaign competition
Answer:
1. $8.25
2. $313,500
Explanation:
Given that,
Variable overhead cost per direct labor-hour = $2.00
Total fixed overhead cost per year = $250,000
Budgeted standard direct labor-hours (denominator level of activity) = 40,000
Actual direct labor-hours = 39,000
Standard direct labor-hours allowed for the actual output = 38,000
1. Total overhead cost at denominator level of activity:
= Total fixed overhead + Total variable overhead
= $250,000 + (40,000 × $2.00
)
= $250,000 + $80,000
= $330,000
Predetermined overhead rate:
= Total overhead cost at denominator level of activity ÷ Budgeted standard direct labor-hours
= $330,000 ÷ 40,000
= $8.25
2. Overhead applied:
= Standard direct labor-hours allowed for the actual output × Predetermined overhead rate
= 38,000 × $8.25
= $313,500
Answer:
Promissory agreement.
Explanation:
A promissory agreement can be defined as an evidence of a debt and as such involves the use of a legal financial tool such as a promissory note as a written promise to declare that a party (borrower) would pay another (lender) at a specific period of time.
Thus, when goods are sold to a customer by a business entity and the customer promises to pay an amount of money at a certain future time period it is known as a promissory agreement.
A promissory note can be defined as a signed document that contains a written promise by a customer to pay a specific amount of money to an individual or business firm, on demand or at a certain future time period, for the goods or services purchased.