Answer:
The correct answer is C
Explanation:
Finished goods are those goods which have been finished or completed through the process of the manufacturing or purchased or bought in the completed form, but not sold yet to the customers.
The finished goods cost or expense is considered to be a asset which is short term in nature, which is expected to be sold in less than a year or period.
So, when the company sold the goods that worth $54,000 to the manufacture for $150,000, this will lead to decrease in the finished goods of the company which worth $54,000.
The constant in a system is the control.
Answer:
The correct answer is letter "B": She is reviewing her goals and aligning the budget to work toward them.
Explanation:
Smart financial planning is the strategy by which individuals or corporations adjust their budgets according to the current situation they face. The adjustments are done as many times as necessary to accomplish the goals those individuals or firms have set.
In Christie's case, the reason why she adjusts her budget by the end of every month is that she needs to match her expenses with her objectives so she can reach them.
Answer:
Economy's marginal social benefit=$65
Explanation:
The economy's marginal social benefit can be calculated by getting the average of the individual marginal benefit.
This can be expressed as;
Economy's marginal social benefit=Sum of individual marginal benefit/Total number of individual's
where;
Sum of individual marginal benefit=John's marginal benefit+Nick's marginal benefit+Christina's marginal benefit=(80+50+65)=$195
Total number of individuals=3
replacing;
Economy's marginal social benefit=195/3=65
Economy's marginal social benefit=$65
Answer:
Revenues to be understated.
Explanation:
The accrual basis says that revenues are recognized when earned and expenses are recognized when incurred.
In this case, if the legal services have been rendered at the end of the accounting period and no adjusting entry is made there is a situation of understated revenue.
When an accountant says that an amount is understated, it means two things: The amount is not the correct amount, and the amount is less than the true amount.
The adjusting entry that should be done is:
Debit to the liability account Unearned Service Revenue, and a credit to the revenue account Service Revenue.
