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natka813 [3]
3 years ago
13

Which of the following fundamental responsibilities is not correct? a. The controller notifies the business reporting department

of various adjusting entries b. Adjusted trial balance figures are sent from the business reporting department to the financial reporting officer c. The treasurer notifies the business reporting department of investing and financing transaction activities d. Detailed reporting of daily production is sent to the president
Business
1 answer:
seraphim [82]3 years ago
8 0

Answer:

d. Detailed reporting of daily production is sent to the president

Explanation:

Fundamental responsibilities involves process in which the controller notifies the business reporting department of various adjusting entries, which are sent to the financial reporting officer as adjusted trial balance figures.

The treasurer notifies the business reporting department of investing and financing transaction activities.

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Explanation: The ABC costing model is a model that is based on the grouping into cost centers that make up a sequence of value of the products and services of the company's productive activity. It focuses its efforts on managerial reasoning in an adequate way the activities that cause costs and that are related through its consumption with the cost of the products. The most important thing is to know the generation of costs to obtain the greatest possible benefit from them, minimizing all the factors that do not add value.

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On May 3, 2020, Concord Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers
NeX [460]

Answer:

a) $22,010

b) $3,780

c) $25,790

Explanation:

a) In calculating the value of inventory still left, the total value needs to be calculated first,

= (80 freezers * $540) + $820 ( transport fees)

= 43,200 + 820

= $44,020

40 out of 80 freezers have not been sold so,

= 40/80 * 44,020

= $22,010

b) In calculating the profit, subtract the expenses from the sales

Sales = 40 * 700

= $28,000

= 28,000 - Cost of refrigerators - commission of 6% of sales - advertising - installation

= 28,000 - 22,010 - (28,000*0.06) - 180 - 350

= $3,780

c) The amount remitted by the consignor will be,

= Sales - commission - advertising - installation

= 28,000 - (28,000 * 0.06) - 180 - 350

= $25,790

7 0
3 years ago
One major advantage of limited liability is that it:________.
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Answer: c. shields the personal assets of owners from liability claims.

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An advantage of limited liability is that it shields the personal assets of owners from liability claims.

For a limited liability company, it should be noted that the liabilities of the members in the company for the debts that are incurred are limited only to the investment of the members. Personal assets are not affected if the company first into debt.

3 0
2 years ago
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