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2 years ago

Accounting systems that use standards for product costs are called budgeted cost systems. True False

Business

1 answer:

Yuri [45]2 years ago

7 0

Answer:

False.

Explanation:

Accounting systems that use standards for product costs are standard cost systems.

In Financial accounting, various business firms or companies use the standard cost systems to determine the variances or differences between the actual (real) cost of goods produced and the estimated cost for the goods that were produced by the company.

Hence, standard cost systems are used by business firms or companies as a strategic tool or technique for the management and control of costs, budget planning, and analyzing cost management performance at a specific period of time.

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Nickel Inc. purchased a tract of land as a possible future plant site in 2013. Valuable sulfur deposits were discovered on the l

Elina [12.6K]

Answer:

Debit $ 800,000 to the Asset Account.

Explanation:

With the help of successful efforts process we will find the solution of the given problem .The successful efforts process stated that,if the company are upgrading only those expenses or the cost that are involved with the discovery of oil and the gas then reserves are identified.

The successful efforts process stated that when the cost of exploration is achieved then the cost of the exploration is capitalized .

So the sulfur reserves were identified therefore $800,000 in exploration expenses would be debited to the Asset Account.

4 0

2 years ago

You are bullish on Telecom stock. The current market price is $100 per share, and you have $15,000 of your own to invest. You bo

likoan [24]

Answer:

10%

Explanation:

Value of investment in the beginning = $30,000

Value of investment at the end = $30,000 (1 + 0.08)

= $30,000 × 1.08

= $32,400

Interest paid = $15,000 × 6%

= $900

Rate of return:

$=\frac{Value\ at\ the\ end-Value\ in\ beginning-Interest}{Total\ amount-Borrowed\ amount}\times100$

$=\frac{32,400-30,000-900}{30,000-15,000}\times 100$

$=\frac{1,500}{15,000}\times 100$

= 10%

Rate of return is 10% if the price of Telecom stock goes up by 8% during the next year.

7 0

2 years ago

Sales to customers who use bank credit cards such as mastercard and visa are usually recorded by:a. Debit to Cash and a credit t

algol13

Answer:

c. Debit to Bank Credit Card Sales, debit to Credit Card Expense, and a credit to Sales

Explanation:

The journal entry is shown below:

Bank credit card sales A/c Dr XXXXX

Credit card expense A/c Dr XXXXX

To Sales A/c XXXXX

(Being the sales is recorded via bank credit cards)

As the credit card has some expense so we debited the credit card expense along with the bank credit card sales and credited the sales as it is revenue which is to be credited

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3 years ago

If the interest earned by a CD is compounded annually, which rule is most accurate when calculating how long it will take the mo

Gennadij [26K]

B.) Rule of 72; just had this question on Apex and was trying to find the answer but guessed since I couldn’t find it. Posting to save a life!

5 0

2 years ago

Read 2 more answers

The goals of labor unions differ from those of management because employers want more profits and labor wants: Multiple choice q

AnnZ [28]

The goals of labor are such that they want better pay and working conditions.

<h3>The ultimate goal of workers/labor</h3>

A business is in operation to make a profit, likewise, labor or workers work to the end of being paid for the services rendered.

In addition to good pay, labor also requires good perks like health cover, safe and secure work conditions, and the environment.

Learn more about Labour here:

brainly.com/question/98074

#SPJ1

8 0

1 year ago