Answer:
(a) Belief that a company will remain in operation for the foreseeable future.
Accounting assumption or principle: Going concern assumption
(b) Indicates that personal and business record-keeping should be separately maintained.
Accounting assumption or principle: Economic entity assumption
(c) Only those items that can be expressed in money are included in the accounting records.
Accounting assumption or principle: Monetary unit assumption
(d) Separates financial information into time periods for reporting purposes.
Accounting assumption or principle: Periodicity assumption
(e) Measurement basis used when a reliable estimate of fair value is not available.
Accounting assumption or principle: Historical cost principle
(f) Dictates that companies should report all circumstances and events that make a difference to financial statement users.
Accounting assumption or principle: Full disclosure principle
Answer:
The Journal entry is as follows:
Construction in progress A/c Dr. $950,000
Cost of construction A/c Dr. $1,600,000
To revenue from long term contracts $2,550,000
(To record the revenue in 2018)
Workings:
Cost of construction:
= cost of 2017 + cost of 2018
= $1,100,000 + $500,000
= $1,600,000
Answer:
Profit 6,130
Explanation:
MC = 30X + 4
when X=5
Cost to produce 5 units:
We will need to calcualte the MC for 1, 2 , 3, 4 and 5 units and then add them together
MC = 30(5) + 4 = 150 + 4 = 154
MC = 30(4) + 4 = 150 + 4 = 124
MC = 30(3) + 4 = 150 + 4 = 94
MC = 30(2) + 4 = 150 + 4 = 64
MC = 30(1) + 4 = 150 + 4 = 34
Total 470
Giving this, now anther way, more easy would be to use the Gauss method to a summatory:
S to 5 from 1 of (30x+4) =
S = 470
Now we can continue:
Total Marginal cost 470 + Fixed Cost: 900 = 1370
MR = 1500 revenue for adding 1 unit
1500 x 5 = 7500 total revenue
total revenue - total cost = profit
7500 - 1370 = 6,130
The answer is c. the information sent by a surce to a receiver during the communication process.
A message refers to the information sent by a source to a receiver during the communication process.
I would say social media. :) Hope this helps.
