Answer:
The cash accounting systems
Explanation:
The cash accounting systems recognize incomes and expenses when paid is received, or when payments are made. Revenue is recorded when customers make payments against an invoice, and expenses recorded when the business pays its payable. The cash accounting system is also called cash basis accounting.
The cash basis accounting system is mostly used by small business organizations. Gerald's manufacturing firm uses the cash accounting system because transactions are recorded when money goes in or out of business. The cash basis is not recommended for large business organizations.
Answer:
Unitary cost= $30
Explanation:
Giving the following information:
Material costs for a selected job are $900 for a batch of 30 suit coats (units).
<u>To calculate the unitary cost, we need to use the following formula:</u>
unitary cost= total batch cost / number of units
unitary cost= 900 / 30
unitary cost= $30
Answer:
Larry protests the assignment and demands that Moe not make the assignment.
Explanation:
An assignment is defined as the transfer of the responsibility of performing a task or contract to another person.
In this instance Moe is trying to assign the contract he has with Larry to Curly.
Curly will now take responsibility for the execution of the contract.
Assignment is allowed if performance of the task is assured, and the other party has no grounds to object if performance will not be affected.
The situation where the assignment will not be prevented is when Larry protests the assignment and demands that Moe not make the assignment.
However the assignment can be prevented if there is an anti-assignment clause, violate public policy, or materially alter Larry's duties and cause an increased burden or risk to Larry.
Answer:
The interviewer should structure the interview in a way that helps him find out:
- Whether the applicants hold parallel job positions in China, and if they do, whether those parallel positions conflict with corporate standards, and general federal law.
- Whether the applicants understand the basics of US ethical standards (and J.P. Morgan standards), and US law so that they have a general and reasonable idea of what actions are forbbiden under American codes.
- Whether the applicants itend to engage in financial transactions with Chinese officials, and whether the money that would be used would come from J.P. Morgan or not.
- This might sound overboard, but as the applicants come from a country that is known to engage in spying, intellectual property stealing, and general involvement with internal issues in other countries, the interviewer should try to ask probing questions to find out if the applicants are some sort of spies or not.
Answer:
Debit account receivable $2.4 million; Credit Ticket Revenue $2.4 million
Explanation:
Double entry is when a business records a debit and credit in relation to a transaction. Generally you debit the receiver and credit the giver.
In this instance sales of tickets were made by Denver Broncos of $2.4 million worth.
The sale involves receipt of cash, but it is preseason and customers have not yet received service so we debit accounts receivable for $2.4 million.
Revenue is made from the sale so we credit Ticket Revenue to recognise income made.
