Answer:
See explanation section
Explanation:
Journal entry to be recorded -
<em>Debit Warranty expense $8,000</em>
<em>Credit Estimated warranty liability $8,000</em>
Calculation:
Net sales = $400,000
warranty expenses = 2% of the net selling price.
Therefore, estimated warranty expense = $400,000 × 2% = $8,000
Since, the company does not pay the expenses, a liability arises. Since we are estimating the value from past experience, the liability will be estimated.
Answer:
<em>a. Select Process Multiple Reports from the Reports menu.</em>
Explanation:
Quickbooks enables you to print a batch of reports.
One might want to <em>print a series of monthly reports for your files using this function</em> (e.g. monthly Profit and Loss and Balance Sheet reports).
Because Quickbooks is unable to handle several Report Center files, one must start with the Report menu.
To start - Select Multiple Reports from the Reports menu to show a report group.
Explanation:
Let us understand what a cost accounting and management accounting deals with and how both are related to business management.
Cost accounting:
- It deals with expenses and cost assessment in terms for producing or buying products.
- Gives an idea of how to measure profit.
- To determine the selling price and this would be challenging and profitable to the business and to the market.
Management accounting:
This helps the business people to make decisions, assess performance, and it is one step ahead of cost accounting.
Any business management people has to deal with money, take decision, assess the market, measure profit. So it is important to get a knowledge on Cost and management accounting.
Answer:
B) not transferable to other types of production and can only be used for the product in question
Explanation:
Specific factor of production is a factor of production that is majorly specific and relevant to a particular industry for production, and as such cannot be transferred or moved to another industry. For example, skilled workers in sericulture are specifically trained to serve as a labor factor of production in agriculture or agro-based industry, and would be difficult to be relevant in an automobile industry. Such skilled workers are immobile between both industries.
