Answer:
Going concern assumption
Explanation:
The going concern principle is the assumption that an entity will remain in business for the foreseeable future.
This assumption holds in the absence of significant information to the contrary such as inability to meet obligations as they fall due
The above example of buying cheese and bread best illustrates money's function as:
D. Medium of Exchange
By exchanging currency, you were able to buy food products from the deli. This is one of the most powerful functions of money.
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Over applied
The journal entry
Variance (Dr) 15000
Cost of goods sold (Cr) 15000
decrease the cost of goods sold
Answer:
Set priorities.
Explanation:
If some people are dying of hunger and some people need better living conditions I would deal with the people dying of hunger first because they are in a more crucial situation.
Answer: is increased by credits
Explanation:
Revenue accounts are increased by credits because they are an equity account and equity accounts increase by credit. This is because the corresponding entry would be an asset such as cash and as the asset has to increase by being debited, revenue must be increased by credit.
Other accounts that are increased by credit include liabilities. Accounts that increase by debits apart from assets include purchases and expenses.