Answer:Skysong journal $
Date
December 2020
Raw material Dr 984,100
Loss on raw material 48,000
Supplier Cr 1,032,100
Narration. recognition of raw materials purchased at agreed value.
2021
Supplier Dr. 1,032,100
Bank Cr. 1,032,100
Narration. Payment for raw materials purchased at agreed value.
Explanation:
The raw materials needs to be paid for at the agreed value not withstand ing the fall in value. However stock are to be recognized at cost or net realisable value which ever is less and since the market value of the stock has dropped this has to be recognized as a loss in the income statement to avoid the stock been over value.
The reason why trade barriers is being used when the us refuses to trade with another country is: Upholding standards.
<h3>What is upholding standard?</h3>
Upholding standard is the process were a country tend to follow and maintain their set standard without deviating from it.
United states refuse to trade with others country because other country were using children as a laborer to produce goods and United state is against it leading to what is called trade barrier.
Inconclusion the reason why trade barriers is being used when the us refuses to trade with another country is: Upholding standards.
Learn more about upholding standard here:brainly.com/question/6868717
Answer: Management control system
Explanation:
Management control system could be defined as a system that collects and uses information to analyze the performance of different organizational resources like human, physical, financial considering them all together in the light of organizational strategies pursued. It looks at comparing performances with the standards, plans or objective of the organization to determine if they are line with standards.