Answer: D. Recognize the loss in the current period rather than over the remaining term of the engagement
Explanation:
A fixed rate contract is the contract whereby the payment amount isn't dependent on the resources or the time that were used.
Since there's evidence that a fixed-rate contract is over budget and will generate a loss for the firm, the manager should recognize the loss in the current period rather than over the remaining term of the engagement.
Therefore, the correct option is D.
Answer:
Perform an analysis on existing resources such as land availability, water availability, manpower, mechanization
Explanation:
The first thing required in such case is to first analyze the existing resources available to them to begin the production process. One factor to be considered is water availability. Do they have the available amount of water for irrigation purposes or for other purposes in the production process. Do they have available land area that can feed a growing population. They need to also check if they have adequate manpower and mechanization to engage in such large-scale production of corn.
Answer:
Amount Debit($) Credit($)
Assets
Cash 37,641
Office Supplies 890
Prepaid Insurance 4,600
Office Equipment 12,900
Liabilities
Accounts Payable 12,900
Equity
Y. Min, Capital 18,000
Y. Min, Withdrawals 3,329
Revenue
Engineering Fees Earned 36,000
Expenses
Rent Expense <u>7,540</u>
Total 66,900 66,900
Explanation:
Trial Balance sheet includes all the accounts available in ledger.
Assets, Liabilities, Equity Revenue and expenses are added, however they are not given in our case
Amount Debit($) Credit($)
Assets
Cash 37,641
Office Supplies 890
Prepaid Insurance 4,600
Office Equipment 12,900
Liabilities
Accounts Payable 12,900
Equity
Y. Min, Capital 18,000
Y. Min, Withdrawals 3,329
Revenue
Engineering Fees Earned 36,000
Expenses
Rent Expense <u>7,540</u>
Total 66,900 66,900
Answer:
the allocation rate is $3 per machine hour
Explanation:
<em>Step 1 Find the to total Machine hours</em>
Total Machine Hours
3.0×15,000 = 45,000
5.0×20,000 = 100,000
Total = 145,000
<em>Step 2 Determine the Overhead allocation rate</em>
Overhead allocation rate = Budgeted Overheads / Total Machine Hours
= $435,000/145,000
=$3 per machine hour
Answer:
Performance management
Explanation:
Performance management is a corporate management tool that aids managers to monitor and measure employees' work. Performance management's goal is to create an enabling environment where people can perform their to the best of their abilities to produce quality result.
Performance management is the activities and processes that focus mainly on areas to maintain and improve employee performance in line with an organisation's objectives.
