Answer:A) Debit Encumbrances Control for $550,000
Explanation:
A) Debit Encumbrances Control for $550,000
Encumbrance is a restriction that controls the usage of funds, Encumbrance prevents the organisation from overspending
when X city ordered supplies of $550 000 the city created an encumbrance control with an amount of 550 000. when the supplies are received expenditure on supplies will be limited to $550 000
Answer:
The Major Career Options (Traditional Career Paths) in the Travel and Tourism Sector are:
Holiday/Travel Agent.
Tourism Manager.
Travel Officer or Travel Agency Co-ordinator.
Travel Counselor or Travel Consultant.
Airlines Staff.
Tourist Guide.
Transport Officer
Answer:
Centrality
Explanation:
By going on strike at a critical time in business cycle the contingency of power is centrality. Centrality is the degree and nature of power of interdependence that exists between between the the person holding power and others. Centrality determines the number of people who are affected by the decisions made by the person holding power.
Answer:
This would affect the income statement by having expenses
c. understated and therefore net income overstated revenues
Explanation:
Adjusting Entry:
It is such entry which is added at the end of the fiscal period in order to make the income statement accurate.
Overstated:
In Accounting, overstated amount means that amount is greater than the true amount.
Understated:
In Accounting, if an amount is less than the true amount then it is known as understated.
- As in our case, the adjusting entry for supplies was not added so in this way expenses became understated means they become less as compared to actual expenses. Therefore, revenues overstated.
Answer:
Option (b) is correct.
Explanation:
Given that,
Beginning work in process inventory balance = $32,000
Direct materials was placed into production = $54,500
Direct labor = $63,400
Actual manufacturing overhead = $86,500
Jobs costing completed during the year = $225,000
Ending work in process inventory balance:
= Beginning work in process inventory balance + Direct materials was placed into production + Direct labor + Actual manufacturing overhead - Jobs costing completed during the year
= $32,000 + $54,500 + $63,400 + $86,500 - $225,000
= $11,400
