Answer:
Has an opportunity cost
- Having a "lazy afternoon" VS Working an 8 hour shift VS
- Cooking dinner VS Eating out
- Reading you favorite book VS Catching up with an old friend
Explanation:
Opportunity costs refer to the extra costs or benefits lost associated with choosing one activity or investment over another alternative. In other words, every activity that you carry out includes the opportunity cost of not doing something else. No matter what we do, we could be doing something else.
Answer:
Just-in-time inventory management
Explanation:
Just-in-time or JIT is an inventory management approach that encourages the purchase of materials only when they are needed in the production process. The JIT approach eliminates the need for storing large quantities of material for future productions. The acquisition of materials is aligned with the production process.
By adopting JIT, a business saves on inventory costs as materials are not purchased in bulk. Wastage that results from the storage of material is also eliminated. The success of JIT depends on management ability to forecast sales accurately and working with reliable suppliers.
The amounts for recording properties and services purchased by a business are determined using the cost concept.
<h3>Which principle determines the amount initially entered into the records for purchases?</h3>
A principle of accounting establishes the initial amount entered for purchases in the accounting records. According to the cost idea of accounting, all purchases of items (such as assets or items required for spending) should be recorded and kept in books at their original cost. Therefore, unless specifically indicated differently, it should be understood that an asset's value on a balance sheet represents its cost. Let's use the case of a company that pays cash or bank for a building worth $200,000. The worth of the building will be recorded in the accounting records using the cost concept of accounting, which equals $2,000,000. After four years, the building's worth increased to $1,000,000.
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Each establishment, whether small or big, government-owned or private companies, always have to backup their files in case of emergencies. As you make your backup plan, you must come across these five basic key questions:
1. Are you backing up all your data? You have to sort your files to be backed up because storage can be limited.
2. How often is your data backed up? You must make sure to back up your data on a regular basis, if not day-to-day.
3. Who is responsible for your backups? For big companies, it is too big of a task for one person to shoulder. Usually, this is tackled by a department, usually the I.T. Department.
4. Do your backups actually work? You should test regularly if these back ups actually work by restoring data files every now and then.
5. Do you have right backup checks and balances in place? The I.T Department tackling backup plans is one thing. But there should also be checks and balances so that you have a backup of your backup. It's better to be safe than sorry.
The
necessary adjusting entry to record inventory shortage would be:
“Cost of
Merchandise Sold debit $5,000; Merchandise Inventory credit $5,000.”
Cost of Merchandise
Sold is the cost of goods and services that correspond to sales made to
customers. In this case, we need to decrease ending inventory by the quantity
of these goods ($5,000) that either were shipped to customers or assigned as
being customer-owned under a certain agreement. Meanwhile, the merchandise inventory is the cost of goods on hand and is available for sale ($5,000).
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