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3 years ago

Prepaid expenses require what type of adjusting entry? Question options: Matched Accumulated Accrued Deferral

Business

1 answer:

yanalaym [24]3 years ago

7 0

Answer:

deferral

Explanation:

Adjusting entries are when changes are made to already recorded journal entries.

Categories of adjusting entries :

accrued revenues
accrued expenses
unearned revenues
prepaid expenses
depreciation.

Prepaid expenses are payments made for services yet to be delivered.

For example, paying for a year's worth of subscription on your streaming service

Prepaid expenses is an example of deferred payment, so the adjustment should be a deferral

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Advantages and disadvantages of implementing plan where functional managers will be held responsible for cost overruns against t

Morgarella [4.7K]

Answer:

Kindly check explanation

Explanation:

Implementing plans where functional managers will be held responsible for cost overruns against their original estimate possess both advantages and disadvantages :

The advantages include:

1) Efficient use of Resources : A functional manager could be explained as the head or a person who has managerial authority over a department within a business organization. As such the functional manager will be able to monitor more effectively and take control of his unit. Holding them responsible for cost overruns will ensure that they are more cautious when it comes to resource and cost management as they will not want to be sanctioned.

11) ACCOUNTABILITY: It increases the sense of responsibility of the functional managers as they are being held fully responsible for the decisions made within their unit. This places a higher burden of showing sincerity on the managers.

The disadvantage associated with the plan is the possibility of producing low quality products resulting from the economical and cautious approach embarked upon in other to prevent cost overrun, materials used may be lesser quality than expected.

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3 years ago

Using the word “CAPITALISM,” create an acrostic poem that demonstrates your understanding of the term. Feel free to come back an

pogonyaev

Answer:

Capitalism is an economic system based on investing money in the expectation of making a profit. The means of production are usually privately owned by private entrepreneurs who often use wage labor to create added value. In doing so, they enjoy a great deal of legal freedom to dispose of these means, free enterprise production. This freedom also means that there is competition, which means that entrepreneurs have an interest in increasing the efficiency of their company. Hence, the capital owner will not fully consume the profit but reinvest in the business and capital accumulation takes place. The distribution of products is regulated by the market, in which the role of the government is, in principle, limited to that of market master.

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2 years ago

When the decisions of a company are very risky and low-level managers lack decision-making skills, the company will tend to

Masteriza [31]

Answer: centralization

Explanation:

When the decisions of a company are very risky and low-level managers lack decision-making skills, the company will tend to centralize.

Centralization is simply when an organizational activities especially those that has to do with decision making, planning, framing policies and strategies are all concentrated in a particular location group.

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3 years ago

lark Bell started a personal financial planning business when he accepted $36,000 cash as advance payment for managing the finan

just olya [345]

The Effects of the Advance Payment (Receipt) on Lark Bell's Year 1 Financial Statements are:

Balance Sheet

Assets = Liabilities + Equity

Cash +$36,000 = Unearned revenue +$15,000 + Service Revenue +$21,000

Income Statement Cash Flow

Revenue - Expense = Income Statement

Service Revenue +$21,000 Cash inflow +$36,000 OA

In Year 1, the Assets (Cash) will increase by $36,000. There is a corresponding increase in Liabilities (Unearned Revenue) of $15,000 and an increase in Equity (Service Revenue) of $21,000.

Thus, the amount of revenue that Bell would recognize on the Year 2 income statement from this transaction in Year 1 is $15,000. This covers 5 months from January to May.

Learn more about the effects of advance payment and revenue at brainly.com/question/24300418

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1 year ago

Resale price maintenance prevents retailers from competing on price.<br> a. true<br> b. false

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The answer is (A) - True

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3 years ago