Answer:
B
Explanation:
A firm is an organisation that is created to make profit. They transform resources into products
They include :
- corporations
- limited liabilities
- partnerships
Answer:
Dr Construction 800000
Dr Cost of construction 1200000
Cr Revenue form long-term contracts 2,000,000
Explanation:
Based on the information given What would be the journal entry made in 2020 to record revenue is :
Dr Construction $800,000
Dr Cost of construction $1,200,000
Cr Revenue form long-term contracts $2,000,000
($800,000+$1,200,000)
(Being to record revenue)
Ok so trade offers is like here an example: if you want that car really bad but the other person says if you this car you have to give him something that he likes or the same value as the car.
Answer: Inventories and cost of goods sold.
Explanation:
Standard costing is used in accounting and it simply has to do with the substitution of the cost that's expected for a product with an actual cost when preparing financial statements.
The difference that's then between the actual costs and expected costs are then recorded as variance. It should also be noted that when a company prepares financial statements using standard costing, the items that are reported at standard cost will be Inventories and the cost of goods sold.