Answer:
1. Allocate overhead costs to jobs: Credit Factory Overhead.
2. Pay factory utilities: Debit Factory Overhead.
3. Purchase indirect material: Debit Raw Materials Inventory.
4. Use indirect materials: Credit Raw Materials Inventory.
5. Direct labor used: Debit Work in Process Inventory.
Explanation:
1. When you allocate overhead costs to jobs: Credit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
2. When you pay factory utilities: Debit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
3. When you purchase indirect material: Debit raw materials inventory. The raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
4. When you use indirect materials: Credit raw materials inventory. Raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
5. For direct labor used: Debit work in process inventory.
Answer:
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The answer to this question is Industry analysis
Industry analysis refers to the anlysis that being done by a certain company in order to understand the position of that company in the market compared to other competitors. The result of this analysis will be used to formulate a plan that will be used by the company in the future in order to beat the competitors.
What happens in a perfectly competitive industry when economic profit is greater than zero?
The answer is all of the above. If a perfectly competitive industry has economic profit greater than zero then existing firms may expand their operations, firms may move along their LRAC curves to new outputs, there may be pressure on the market price to fall and new firms may enter the industry.
A perfectly competitive market is a hypothetical market where competition is at the highest level. Economists that study perfect competition state that this would be the best outcome of a market for consumers and society because each group would be evenly competing for consumers.
Answer:
The correct answer is letter "D": Charging the stolen asset to an expense account.
Explanation:
An asset misappropriation takes place when individuals take advantage of the job position they have in order to profit from fraudulent activities. The fraud could be caused by any employee within a given organization, from high executives to any of their subordinates.
In the case, option "D" is a good example of asset misappropriation since it is being charged to an expense account a good that was stolen when that kind of account is only useful to report work-related expenses.
