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11Alexandr11 [23.1K]
3 years ago
15

The total of all accumulated and unpaid deficits a situation in which revenue exceeds outlays a situation in which outlays excee

d revenue the fee that borrowers pay to debt holders.
Business
1 answer:
Vaselesa [24]3 years ago
5 0

Answer:

  1. The total of all accumulated and unpaid deficits <em>is called debt.</em>
  2. a situation in which revenue exceeds outlays <em>is called surplus</em>
  3. a situation in which outlays exceed revenue <em>is called deficit</em>
  4. the fee that borrowers pay to debt holders <em>is called interest</em>

Explanation:

Debt, Surplus, Deficit, and Interest are all finance and budgeting terminologies.

                                                           

Periodically, and over a specific period of time, governments, organizations (for-profit and not-for-profit), formal and informal groups, create an estimate of expenses related to their operation as well as an estimate and source(s) of revenue to be generated in order to service such expenses. This activity is called Budgeting.

       

After a budget is created, it may be visited for review periodically to check for variances. A variance is simply the amount by which the estimated figures differ from the actual figures.

Cheers

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Answer:

B. $2,600

Explanation:

The computation of the net rental income is shown below:

= Monthly rental payments × total number of months in a year - (utilities + maintenance & repairs  + insurance) × percentage - depreciation expense

= $550 × 12 months - ($3,600 + $900 + $500) × 50% - $1,500

= $6,600 - $2,500 - $1,500

= $2,600

Since only one apartment is on rent so we considered the expenses of the building at 50% not full value and the same is applied above

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3 years ago
Assume that Roth’s accountants are expected to work a total of 8,000 direct labor hours in 2018. Roth’s estimated total indirect
xz_007 [3.2K]

Answer:

$12 and $180

Explanation:

The computation of the predetermined overhead rate is shown below:

As we know that

The predetermined overhead rate is

= Estimated total indirect cost  ÷ expected direct labor hours

= $96,000 ÷ 8,000

= $12

And, the indirect cost is

= Predetermined overhead rate × number of hours

= $12 × 15

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We simply applied the above formula

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3 years ago
Forever Jewelers uses the perpetual inventory system. On April​ 2, Forever sold merchandise with a cost of $ 1 comma 500$1,500
Tema [17]

Answer:

Accounts Receivable $8,820

                   To Sales Revenue $8,820

Explanation:

The journal entry to record the sales revenue is shown below:

Accounts receivable A/c Dr $8,820

      To Sales revenue A/c $8,820

(Being merchandise sold on credit basis)

For recording this we debited the account receivable as it increased the assets and credited the sales revenue as it also increased the revenue

The computation of sales revenue is shown below:

= Sales revenue - discount

= $9,000 - $9,000 × 2%

= $9,000 - $180

= $8,820

This is the answer but the same is not provided in the given options

6 0
3 years ago
Indicate the accounting concepts, principles, or constraints that underlie each of the following independent situations: account
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Answer:

Accounting entity concept:

The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.

Going concern concept:

The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.

Cost-benefit constraint:

It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.

Expense recognition (matching principle):

The matching principle states that all the expenses are to be recorded based on the year they have been  incurred rather than on the time they are paid.

Materiality constraint:

It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.

Revenue recognition principle:

It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.

Full disclosure principle:

It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.

Cost principle:

To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.

7 0
3 years ago
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