Answer:1. Make provision for warranty claims.
2. Disclosure of contingent liability
3. No cost should be recorded.
Explanation:
Warranty is an assurance made by firms to make good any agreed loss that is incurred by the customers in usage of goods and services whiting the period of the warranty. Since an estimation can be made based on firms history of sales a provision has to be made for possible warranty.
Since it's only probably that a loss will be Incurred by the firm by going into the contract and the financial statement has not been issue the firm should made a contingent liability disclosure in the report.
The self insurance is not a contract with a third party, in this vein no cost will be accrued until the loss is actually suffered.
If Daniel took the cash, he could be found guilty of the crime of embezzlement. Embezzlement is a specific type of theft. It is when someone was entrusted with someone else's property (like an employer) and they steal some/all for their personal benefit.
Hope this helps! :)
Answer:
Artistic Floral Creations has a entitlement philosophy of compensation.
Explanation:
A compensation philosophy is simply refers to a formal statement which documents a company's position about the compensation of its employees.
It is an explanation of the reason for employee payment and it creates a framework for consistency. Employers use their compensation philosophy to attract, retain and motivate employees
Entitlement philosophy of compensation therefore assumes that the employees who have worked for another year in a company are entitled to pay increases, regardless of their performance differences. This action is often geared towards a higher job performance, and job satisfaction.
Equilibrium wage means that it is the wage paid on employees where supply and demand are equal.
All persons looking for work at the going wage will be able to find jobs in an equilibrium setting.
an increase in the unemployment rate will result to a decrease on the equilibrium wage.
Raw Materials Inventory $XX Accounts payable
