The statement "If a balance exists in the temporary MOH account at the end of the period, it can be ignored for purposes of preparing the company’s financial statements" is False.
The manufacturing overhead (MOH) price is the sum of all the oblique expenses which can be incurred while producing a product. Its miles brought to the value of the very last product alongside the direct cloth and direct labor prices.
Manufacturing overhead is a cost listed below the cost of income, in this case, referred to as the price of products synthetic. It's far something of a trap-all term for the expenses needed to run the facilities to manufacture the business's products intended on the market.
Examples of MOH
- Electricity or gas is utilized in a manufacturing facility.
- Different utilities, inclusive of water and trash provider.
- Unexpected repairs.
- Supervisors or managers within the factory.
- Depreciation of a construction's value.
- Rent and assets taxes.
- Equipment depreciation.
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Answer:
social surrounding
Explanation:
According to my research on studies conducted by various psychologists, I can say that based on the information provided within the question it seems that Shawn's first experience was influenced by his Social surroundings. This is because the restaurant is the same as the first time he visited the only difference is that he went the first time with the girl he would end up dating steadily which is the entire reason he remembered it so fondly. Therefore his social surrounding was the factor that affected his experience.
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Answer:
Explanation:
Evaluation of the listed internal control procedure.
1. Yes
Separating the responsibility for a transaction between two or more individuals or department known as segregation of duties will help to prevent creating of fictitious invoice for the benefit of an individual, As the role of on of these individuals is subjected to review and oversight by other people in that line of action, falsified records and actions can easily be discovered.
2.No
Separation of record keeping of assets from the custody over assets will not increase theft and fraud but rather prevent it . As different individuals are in charge of the records and the custody of the assets , it will be hard for theft and fraud of assets to take place unless there is a collusion between the people involved. If the custodian steals an assets , the record keeper can easily detect it , and a record keeper can not steal an asset as it is not in his custody
3. No
Even though the safe keeping of an asset is part of the objectives of internal control procedures , the primary objectives is not to grow assets but to safeguard the entire organization and ensure its economic, effectiveness and efficiency of its operation towards achieving its performance objectives.
4. Yes.
In as much as this is an internal control procedure to prevent fraud and theft , this can still be bypassed through collusion with employees involved to commit and cover up a fraud . While the custodian of assets release the assets , the record keeper adjusts his record to accommodate the theft of assets.
Answer:
$3,000
Explanation:
Data provided in the question:
Total amount of benefits paid to the insured = $4,000
Percentage paid by the insured = 25% of monthly premium
Now,
The total amount paid by the insured = 25% of $4,000
= 0.25 × $4,000
= $1,000
Therefore,
The monthly benefit that will be taxable
= Amount of benefits paid - total amount paid
= $4,000 - $1,000
= $3,000