Answer:
$882,000
Explanation:
According to IAS 37, Provisions, contingent liability and contingent assets, A provision is a liability of uncertain timing or amount. The liability may be a legal obligation or a constructive obligation.
An entity recognises a provision if it is probable that an outflow of cash or other economic resources will be required to settle the provision. Furthermore, the standard requires that a provision is measured at the amount that the entity would rationally pay to settle the obligation at the end of the reporting period or to transfer it to a third party at that time.
The amount to be accrued for is the settlement offer of $882,000 which was accepted before the financial statement was issued. This settles the uncertainty in the amount to be provided for.
The more you know about financial planning, the better you’ll be able to —adapt to unexpected circumstances.
Hello!
<h3><em><u>Answer:</u></em></h3>
I believe the correct answer is: The key principle to success in business is
<h3><u><em>Explanation: </em></u></h3>
Having a business plan can really help you expand your business and give it direction. You can also identify your weaknesses and strengths by preparing and planning, and be prepared for any future obstacles in your path.
Answer:
(a) Cost of the Tramel job:
= Direct material cost + Direct labor cost + overhead applied
= $1,900 + $500 + (140% of $500)
= $1,900 + $500 + $700
= $3,100
(b) Overhead cost A/c Dr. $500
To Material A/c $400
To Labor A/c $100
Answer:
Mostly because of the <u>scope and influence of big corporations</u>. Although it is easy to start a proprietorship, it is known that revenue will always be limited for that kind of enterprise.
A proprietorship is synonymous with a single person running the company. Usually, small grocery shops, studios, mom-and-pop stores are examples of proprietorship. They will never account for revenue that is even similar to that of a well-known corporation.
Why? Corporations have an advantage over numerous factors:
- bigger<em> budget</em> for investments and various improvements
- <em>omnipresence</em> - Usually, corporations have branches all over the world, reaching out to more customers.
- brand image - This is due to the previous factor. Customers may find corporations and chains more trustworthy, as their grasp of business and operations is huge.