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4 years ago

Which of the following statements is true of a normal costing system?

Business

1 answer:

Keith_Richards [23]4 years ago

3 0

Answer:

Option number 4 is correct,In a normal costing system, unit costs are determined by adding actual direct materials, actual direct labor, and estimated overhead.

Explanation:

This approach to costing that makes use of estimated overhead as against actual overhead is favored by Generally Acceptable Accounting Principles such as the International Financial Reporting Standards(IFRS) and the U.S GAAP in order to derive the unit cost of an item of inventory for financial reporting purposes.

This deviates completely from standard costing where the cost an item is entirely calculated from predetermined material,labor and overhead costs.

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On the advice of the city attorney, a City Jail Debt Service Fund is opened to account for debt service transactions related to

dem82 [27]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

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3 years ago

Think about how and why goods and resources are scarce. Goods and resources can be scarce for reasons that are inherent to their

Lera25 [3.4K]

Answer:

A. Holiday lights in mid-December: Scarce on occasion: Holiday lights are only scarce on holiday season when the demand increases.

B. Air regardless of quality: Not scarce : Only high quality air (clean) is scare.

C. Land: Inherently scarce: No matter what we do, our planet is only one.

D. Patented goods: Artificially scarce: Patents are scarce because a law protects them.

E. Original Picasso paintings: Inherently scarce: Picasso is dead, so he cannot paint anymore.

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3 years ago

Differentiation business strategies are often associated with premium prices. There are, however, reasons why a firm would NOT w

Natalija [7]

Answer: e. To drive up market share

Explanation:

Differentiation strategies involve adding features to a good to make it stand out from the Competition. Since these features are usually beneficial, the value of the good goes up and the company selling them can charge more. This is the main way things are done in Monopolistic markets.

However, sometimes it is best to charge the same price the Competition is charging even though you have a better product. This way the company is able to capture Market Share because the consumers will believe they are getting a better value for their money. For instance, if a company was selling Toyotas at $2,000 and it's competitor was selling the same Toyota but with 2 extra tires for the same $2,000 who would you use? The Competitor most likely.

This is why a firm might want to keep prices in line with competitors.

4 0

3 years ago

"what are the three business functions an mis infrastructure supports?"

kvv77 [185]

The three functions of business which MIS infrastructure supports includes;

1. Support information change.

2. Business continuity planning.

3. Change.

MIS means that Management Information System. There are MIS infrastructure components which are sustainable.

For example, Virtualization, Grid computing, and cloud computing.

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3 years ago

Read 2 more answers

Cash means more than just cash on hand and cash in the bank. highly liquid, short-term investments that are easily convertible i

RoseWind [281]

<span>Cash equivalents, the investments securities that are for short-term investing, and they have high credit quality and are highly liquid. Cash equivalents, also known as "cash and equivalents," are one of the three main asset classes, along with stocks and bonds. Cash equivalents also serve as one of the most important health indicators of a company's financial system.</span>

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3 years ago