Answer:
Explicit costs are the costs which requires the money to pay.
On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.
Therefore,
Explicit costs are as follows:
1. Wages pays to his hired hand
2. Buys feed for his cows.
3. Gas expense that is used in truck
Implicit costs are as follows:
1. Foregone income of $27,000 from working at a dairy plant as a technician.
2. Time taken for extracting milk from all the cows.
Feedback with the intention to help by listing reasonable arguements
Answer:
<u>Ensure accurate reliable accounting records</u>
Explanation:
Internal controls refer to those processes and procedures employed by the management of an entity so as to ensure efficient operations and to keep a check on frauds and compliance with better reporting requirements.
For example, biometric system of recording employee attendance which keeps a check as in who is actually on payroll and elimination of any dummy entries from the records.
The purpose of internal control is to safeguard assets, ensure that employees adhere by company policies, compliance with the law, promote operational efficiency and ensure reliable financial reporting without misrepresentation of facts.
Answer:
c.
Explanation:
Based on the scenario being described it can be said that the action that should be expected to be performed would be connecting multiple processes such as performance management, training and development, and career management. This is because the Integrated Talent Management (TM) approach focuses on all of the HR processes in order to attract, onboard, develop, engage, and retain high-performing employees.
Answer:
Journal.
Explanation:
Businesses record their daily financial transactions in a journal, also known as the businessperson's diary.
A journal entry involves the process of keeping the records of business transactions made by an organization.
The journal entry is used by bookkeepers and accountants. Ideally, it is important that a journal has all of following informations; date, reference number, debit balance, credit balance and transaction description.
In Accounting, most businesses use a double-entry account system and as such, the total amount debited must equal the total amount credited in a journal entry.
