Answer:
Classifications :
- Direct Costs
- Indirect Costs
- Product Costs
- Period Costs
- Variable Costs
- Fixed Costs
Reasons for classifying costs :
- Inventory valuation
- Profit Measurement
Explanation:
The first step in Cost Classification if to Identify the Cost object.The Cost object is the unit or entity for which determination of cost is required.
By observing the cost accumulating on the cost object we would identify two types of costs :
- Direct Cost - Costs that can be traced on the cost object
- Indirect Cost - Costs that can not be directly traced on the cost object
Another category used to classify costs is whether or not they will be included in product valuation.
- Product Cost - Attached to Product and included in valuation
- Period Cost - Not attached to product and thus not included in product valuation
Lastly the Costs Behaviors bring about different classifications as follows :
- Variable Costs
- Fixed Costs
- Semi-fixed Costs
- Semi - Variable Costs
Answer:
The private sector is the part of the economy that is run by individuals and companies for profit and is not state controlled. Therefore, it encompasses all for-profit businesses that are not owned or operated by the government
Explanation:
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Answer:
Th answer is: Marginal tax rate for Family A is 20%, average tax rate is 12%. There is no Family B in the question.
Explanation:
Family A's tax rate are as follows:
Income Tax rate
up to $10,000 0%
$10,000 to $30,000 10%
$30,000 to $50,000 20%
$50,000 to $80,000 30%
over $80,000 40%
Since Family A's income is $50,000, their marginal tax rate is 20%, and its average tax rate is = [($20,000 x 10%) + ($20,000 x 20%) / $50,000] = ($2,000 + $4,000) / $50,000 = $6,000 / $50,000 = 12%
The statement "The Sarbanes-Oxley Act in 2002 was created to protect consumers against false advertising by monopolies." is false.
Sarbanes-Oxley Act placed the obligation of responsibility for a company's financial reporting squarely on the shoulders of its top executives in order to safeguard investors from corporate accounting fraud.
It required chief executive officers (CEOs) and chief financial officers (CFOs) to personally attest to the correctness of the information in financial reports and to affirm that controls and procedures were in place to evaluate and verify that accuracy.
In reality, CEOs and CFOs had to personally certify that financial reports complied with Securities and Exchange Commission(SEC) rules by signing them. Failure to comply with this might result in fines of up to $15 million and 20-year prison terms.
Hence, the given statement is false.
Learn more about the Securities and Exchange Commission:
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