Answer:
(a) Physical controls
(b) Human resource controls
(c) Independent internal verification
(d) Segregation of duties
(e) Establishment of responsibility
Explanation:
(a) All over-the-counter receipts are entered in cash registers. That is an example of the physical controls principle.
(b) All cashiers are bonded. That is an example of the human resource controls principle.
(c) Daily cash counts are made by cashier department supervisors. That is an example of the independent internal verification principle.
(d) The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals. That is an example of the segregation of duties principle.
(e) Only cashiers may operate cash registers. That is an example of the establishment of responsibility principle.
Answer:
Unitary cost= $12
Explanation:
Giving the following information:
direct materials $5
direct labor $4
variable overhead $3
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead) to calculate the product unitary cost.
Unitary cost= 5 + 4 + 3= $12
Answer:
$393,162
Explanation:
Units sold last year were 3,700
the projection for this year is an increase of 10% in volume.
projected units sales for this year will be
=110% of 3,700
=1.1 x 3,700
=4,070 units
The selling price last year was $75.
projected price this year is an increase by 40%
price for this year will be 140% of $75
=140/100 x $75
=1.4 x $75
=$105
Projected sales in dollar will be sales volume x selling price
= 4070units x $105
=$427,350
Purchase return = 8% of projected sales in dollars
=8/100 x $427,350
=34,188
Net projected sales
= $427,350 - $34,188
=$393,162
The Keynesian model is an economic theory developed by John Keynes to analyze the Great Depression in the 1930s. In this model, he advocated for increased government spending and lower taxes in an attempt to stimulate consumer demand to pull the economy out of the depression.
Answer: A contractual obligation om shipment is not enforceable.
Explanation: A contract is a legally binding agreement. For a contract to be legally binding it needs to have an offer and acceptance. Strike and Bailey are merchants who both agree on the stated quantity and price of shirts to be shipped. However, the declaration or condition of shipment is neither agreed nor accepted by both Strike and Bailey as Strike offered to deliver using 'Dependable Truck Line' while Bailey accepted delivery by 'Yellow Express Truck Line' that was never offered.
For a contract to exist, a complete offer and acceptance must exist on the full terms and conditions of te shipment in this case. However, there is no agreement by either party on the shipment therefore contractual obligation on shipment is not enforceable.
