Answer:
The statement is correct as well as true
Explanation:
In the cash basis of accounting, is the one of the methods or way of recording the accounting transactions for expenses as well as revenue only, when the corresponding cash is collected or received or payments are made.
Whereas the revenues will be recorded only when the customer pay for the billed service or the product and also record the payable when it is paid by the company.
Therefore, in the cash flows accounting, the timing of recording the inflows and the outflows of the cash matches the reporting of the expenses and revenues in the income statement.
Answer:
Following are the solution to this question:
Explanation:
In point a:
Journal Entry :
Account Dr Cr.
Goods completed 
Processing work
Complete total labour costs
In point b:
Uncompleted jobs cost:
Answer:
The company’s inventory be reported on the balance sheet as $3,150.
Explanation:
GAAP and IFRS requires that the inventory of the company should be recorded as Lower cost and Net realizable value of the inventory.
According to given data
Available Inventory = 210 units
Cost of Inventory = 210 units x $20 = $4,200
Net realizable value is the value of the inventory which can be recovered on the immediate sale. the current market value of the inventory is $15.
So,
Net realizable value is = 2,100 units x $15 = $3,150
As the Net realizable value is lower than the cost of the inventory, $3,150 should be reported as inventory on the balance sheet.
Answer:
3.5 customers
Explanation:
The computation of the average number of customers in the system is shown below:
= (Arrival rate) ÷ (Service rate - arrival rate)
= (210 customers) ÷ (270 customers - 210 customers)
= (210 customers) ÷ (60 customer)
= 3.5 customers
We simply apply the average number of customers formula so that the correct value can come
All other information which is given is not relevant. Hence, ignored it
Answer: (A) Unfair competition argument
Explanation:
The unfair competition argument is one of the type of common argument that helps in applying while taking various types of unfair decisions in an organization.
It is one of the intellectual branch that basically substitute the competitor's products and the items in the market by using the deceiving techniques or methods.
According to the given question, Lobbyist is basically using the various types of Unfair competition arguments for the purpose of argue for the trading restriction on the steel rods as the foreign producers are using their unfair benefits over the domestic manufactures.
Therefore, Option (A) is correct answer.
