The correct answer is True. When ownership of the items passes to the customer, revenue is realised. In addition to the requirements for determining when control transfers, a reporting entity must also satisfy certain additional requirements for a customer to have achieved control in a bill-and-hold arrangement.
A bill and hold sales arrangement allows for payment in advance of the item's delivery. This is a sales agreement when a product seller invoices a consumer up front but doesn't actually ship the thing until later.
In a bill and hold transaction, the vendor does not deliver the purchased goods to the customer, but the associated income is still recorded. Under this structure, revenue cannot be recognised until a number of severe requirements have been satisfied. The possibility of falsely recognising revenue too early exists otherwise.
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Answer:
A. Primary Social Stakeholders
Explanation:
Primary social stakeholders are people directly benefiting from or affected by a particular business activity, which can be distribution of a product or a change to a service agreement, this people have a direct stake in the firm i.e. customers, employees, stockholders, creditors, suppliers, or anyone else with a financial interest in the product or situation of the firm.
Answer:
Jensen company has a contribution margin ratio of 45%. This means that its variable costs are 55% of sales.
This statement is true
Explanation:
Contribution margin ratio is the ratio of contribution to sales. Since the contribution margin ratio is 45%, it implies that variable costs are 55% of sales.
Answer:
Closing statement.
Explanation:
A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place is known as a closing statement. The closing statement is a spreadsheet document that comprises of the statement of actual settlement costs and it is usually provided by a real estate agent to a home seller while the bank gives it to the home buyer.
Answer:
the predetermined overhead rate is $12.10
Explanation:
The computation of the predetermined overhead rate is shown below:
The Predetermined overhead rate is
= (Estimated total fixed manufacturing overhead ÷ Estimated direct labor hours)
= ($121,000 ÷ 10,000)
= $12.10
hence, the predetermined overhead rate is $12.10
