Answer:
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Answer:
e. All of these choices are correct.
Explanation:
Note:
Statement a. about production budget is correct as the production budget only estimates number of units to be produced, in quantity and not in dollars and therefore is not converted into dollars.
Statement b. about sales budget is also correct as it shows the quantity in units and also in value.
Statement c. about overhead budget is also correct as the budget segregates variable and fixed overheads properly.
Statement d. about labor budget is correct, as in this budget an average rate is used for calculating the expenses.
Therefore all of the above is correct.
Answer:
a. increase price in the short run but not in the long run.
Explanation:
A perfectly competitive market is one in which firms in an economy produce similar goods, and use resources that are limited in quantity.
An increase in demand will result in a corresponding increase in price, and results in firms making high profits. In the diagram below it results in a shift of demand from D1 to D2.
In the long run as firms have low barrier to entry more firms enter the market and supply shifts from S1 to S2. There is reduction in prices and profits start to fall. This is illustrated in the second diagram.
Answer: B. Individual ledger accounts
Explanation:
just took the test
A test balance is used to detect any calculation error that may have occurred within the accounting system. For this, it is sought to verify if the total debits and the total credits are equal, for this the balance of all accounting books is compiled in column totals of both debit and credit. A company usually prepares a trial balance periodically, usually at the end of each reporting period.
In this case, to carry out the trial balance, you must first clarify the name of the company, the title of the trial balance and the date on which the trial balance is prepared, then proceed to list the ledger accounts and enter the debit and credit balances in the respective columns, then the columns are totalized and finally it is verified that the credit totals are equal to the debit totals
Answer
The correct order of the steps is (3), (2), (4) and (1)
