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3 years ago

Incurring an expense for advertising on account would be recorded by:

Business

1 answer:

Roman55 [17]3 years ago

5 0

Complete Question:

Incurring an expense for advertising on account would be recorded by:

Group of answer choices

A) Debiting a liability account.

B) Crediting an asset account.

C) Debiting an expense account.

D) Debiting an asset account.

Answer:

C) Debiting an expense account.

Explanation:

Incurring an expense for advertising on account would be recorded by debiting an expense account.

This ultimately implies that, when a business firm incurs an expense such as on advertising its goods or services, the appropriate account on the balance sheet to record this will be to debit the advertising expense account and then credit the account payable.

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7. Identifying costs of inflation Bob manages a grocery store in a country experiencing a high rate of inflation. He is paid in

stiks02 [169]

Answer:

Shoe-leather Costs.

Explanation:

In this scenario, Bob manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday, he immediately goes out and buys all the goods he will need over the next two weeks in order to prevent the money in his wallet from losing value.

What he can't spend, he converts into a more stable foreign currency for a steep fee. This is an example of the Shoes-leather costs of inflation.

A Shoe-leather costs refers to the costs of time, energy and effort people expend to mitigate the effect of high inflation on the depreciative purchasing power of money by frequently visiting depository financial institutions in order to minimize inflation tax they pay on holding cash.

Metaphorically, it ultimately implies that in order to protect the value of money or assets, some people wear out the sole of their shoes by going to financial institutions more frequently to make deposits.

Hence, Bob is practicing a shoe-leather cost of inflation so as to reduce the nominal interest rates.

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4 years ago

The major activities of the Planning Section include:

scZoUnD [109]

The answer to the question stated above is letter A.

.The major activities of the Planning Section include: Preparing and documenting Incident Action Plans.
ADDITIONAL INFORMATION ABOUT PLANNING SECTION
>Planning section includes the following major activities:
<span> -Collect, evaluate, and display incident intelligence and information.
-Prepare and document Incident Action Plans.
-Track resources assigned to the incident.
-Maintain incident documentation.
<span> -Develop plans for demobilization.</span></span>

4 0

4 years ago

Read 2 more answers

Economics: a. studies human behavior when scarcity exists and choices must be made. b. does not accurately explain any human beh

kari74 [83]

Answer: Economics studies the behaviour of human beings when there is scarcity and choices have to be made.

Explanation:

Economics is a social science i.e study of human behavior in relation to the manufacturing, distribution and consumption of products. Economics focal point is the interaction and behaviour of economic agents (households, firms and governments) and how economies work.

Economics is divided into microeconomics and macroeconomics. Microeconomics deals with the small elements in the economy such as interaction of markets and prices of certain products. Macroeconomics deals with the whole economy and issues discussed include unemployment, economic growth, inflation etc.

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3 years ago

A manufacturing plant is trying to determine standard production per day for an incentive program. Suppose that the incentive pr

raketka [301]

Answer:

He would receive $15 under incentive plan.

Explanation:

The given values are:

Average observed time

= 280 seconds per unit

Performance rating

= 105%

i.e.,

= 1.05

Allowance factor

= 13%

i.e.,

= 0.13

So,

⇒ $Standard \ time = \frac{(Average \ observed \ time\times Performance \ rating)}{1-Allowance \ factor}$

On putting the estimated values, we get

$=\frac{(280\times 1.05)}{(1-0.13)}$

$=\frac{294}{0.87}$

$= 337.93 \ seconds$

The available time will be:

= $(8 \ hours\times 60 \ min/hr\times 60 \ sec/min)$

= $28800 \ seconds$

Now,

The Standard production per day will be:

= $\frac{Available \ time}{Standard \ time}$

= $\frac{28800}{337.93}$

= $85.22 \ units$

Since he generates 100 units, he consumes about 15(00-85,22) units per day well above normal production.

So that he's going to get:

= $15\times 1$

= $15$ ($)

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3 years ago

On December 29, 2019, Patel Products, Inc., sells a delivery van that cost $20,000. After recording the entry to bring the accum

Nataliya [291]

Answer:

On disposal, the carrying amount of the asset is derecognized by

Debit Other income/disposal account (p/l) $20,000

Credit Asset account $20,000

Being entries to derecognize the cost of the delivery van

Debit Accumulated depreciation account $18,000

Credit Other income/disposal account (p/l) $18,000

Being entries to derecognize the accumulated depreciation of the asset at the date of disposal,

Furthermore,

Debit Cash account $2,000

Credit Other income/disposal account (p/l) $2,000

Being entries to record cash collected on disposal of the asset

Explanation:

When the amount received from the disposal of an asset is higher than the carrying value of the asset, the company makes a gain on disposal. The proceed from the disposal of an asset may be recorded in the disposal or other income account.

On disposal, the carrying amount of the asset is derecognized by

Debit Other income/disposal account (p/l)

Credit Asset account

with the cost of the asset, then,

Debit Accumulated depreciation account

Credit Other income/disposal account (p/l)

With the accumulated depreciation of the asset at the date of disposal,

Furthermore,

Debit Cash account

Credit Other income/disposal account (p/l)

with the amount received from the disposal or sale of the asset

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4 years ago