All categories

3 years ago

Which type of money does the diagram best describe?

Business

1 answer:

loris [4]3 years ago

8 0

Answer: Commodity

Explanation: I believe this is the answer because Commodity money actually presents value because it can be valuable in different ways such as gold and silver.

You might be interested in

The following situations suggest a strength or a weakness in internal control. Identify each as a strength or weakness, and giv

Mkey [24]

Answer: Options A and C are strengths while options B and D are weaknesses. See explanation below.

Explanation:

a. All employees must take at least five consecutive days off each year.

This is a strength in internal control. This would help to maintain stability in operational process and ensure leave days are effectively utilized. It also prevents staff from taking the leave days in piecemeal and sporadic manner thereby disrupting the operational process and causing team instability. It is also used to ensure leave days are promptly utilised and well accounted for.

b. The accounting department orders merchandise and approves invoices for payment.

This is a weakness in internal control. There should be a check and balance in this regard. In some organizations, proper scrutiny of the vendor and invoice is done by the Procurement Unit and the Expense Control Unit respectively. Even within the accounting department, there is approval hierarchy. Also, the unit within accounting department that is making the order should not be the one to approve the transaction.

c. Cash received over the counter is controlled by the sales clerk, who rings up the sale and places the cash in the register. The daily sales are recorded in the accounting records by the accounting department.

This is a strength in internal control as it ensures checks and balances. Fraud and error can be detected through this means. The accounting department should verify the transactions to the relevant supporting document before recording the transaction in the system.

d. The officer who signs checks need not examine the payment packet because he is confident the amounts are correct.

This is a weakness in internal control in the sense that checks signed by the officer is binding in the court of law. The officer cannot claim ignorance if anything goes wrong. There is therefore a need for proper scrutiny and relevant questions asked before checks are signed.

7 0

3 years ago

All of the following statements regarding leases are true except : A. For a capital lease the lessee records the leased item as

faust18 [17]

Answer: B. Capital leases do not transfer ownership of the asset under the lease, but operating leases often do.

Explanation:

When using Capital Leases, the lessee will record the lease as if it were their own asset and as a result will also depreciate it. The lessee will also create a long term liability on their balance sheet for the asset.

Capital leases usually also involve a transfer of ownership to the lessee at the end of the lease term. Operating Leases on the other hand do not have these features. They are more like a rental of an asset and as such are recorded as a rental expense in the books of the lessee. The ownership remains with the lessor in an Operating Lease and the asset will be returned once the lease period is over.

5 0

3 years ago

Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of Procter & Gamble (PG), a

Brrunno [24]

Answer:

Explanation:

The direct material cost is the cost which is incurred for the raw material

The direct labor cost is the cost which is incurred to pay the wages to assembly workers, the labor cost, etc

And, the factory overhead cost is the indirect cost which is required at the time of producing the product. Example - depreciation, repairs & maintenance, etc

So, the categorization is shown below:

a. Depreciation on assembly line equipment in the Mehoopany, Pennsylvania, paper products plant = factory overhead cost

b. Licensing payments for use of Disney characters on children products = factory overhead cost

c. Maintenance supplies = factory overhead cost

d. Packaging materials = direct material cost

e. Paper used in bath tissue = direct material cost

f. Plant manager salary for the Iowa City, Iowa, plant = factory overhead cost

g. Resins for body wash products = direct material cost

h. Salary of process engineers = factory overhead cost

i. Scents and fragrances used in making soaps and detergents = direct material cost

j. Wages of production line employees at the Pineville, Louisiana, soap and detergent plant = direct labor cost

3 0

2 years ago

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared.

DerKrebs [107]

Answer:

Net income = $3,560

Explanation:

Romney's Marketing Company

Multi-step income statement

For the Year ended December 31 20YY

Sales revenues 37,250

Less: Cost of goods sold = 0

Gross profit = 37,250

Less: Operating expense:

Wages expense = $19,000

Depreciation expense = $1,750

Utilities expense = $320

Insurance expense = $780

Rent expense = $9,800

Total operating expense = ($31,650)

Add: operating income:

Rent revenue = $560

Total operating income = $6,160

Other operating income

Interest revenue = 160

Net income before taxes = $6,320

Income tax expense = $2,760

Net income = $3,560

4 0

3 years ago

Help me to answer thi Q! Thanks!

cestrela7 [59]

Divide the numbers on the first graph by 1’s and you get your answer

7 0

2 years ago