The statement net operating income computed using absorption costing will always be greater than net operating income computed using variable costing is true.
Net operating income determined by absorption costing will never exceed net operating income determined by variable costing. Despite the fixed manufacturing overhead, absorption costing net operating income is higher when inventory rises than variable costing net income.
Deferred in the balance sheet's inventory account. No change in inventories occurs when the number of units produced and sold equals one another. If production outpaces sales, absorption income generates a higher profit than variable net operating. Which decreased cost of goods sold for the current period and consequently increased profit.
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when a tax is imposed on a good, the group of answer choices supply curve for the good always shifts. demand curve for the good always shifts. amount of the good that buyers are willing to buy at each price always remains unchanged. equilibrium quantity of the good always decreases.
When a tax is imposed on a good, the supply curve for the good always shifts, but the other statements are not always true.
The imposition of a tax on a good will increase the cost of production for the sellers, leading to a decrease in the quantity of the good that they are willing to supply at each price level. This results in a leftward shift of the supply curve, reducing the quantity supplied and increasing the equilibrium price.
The demand curve for the good may or may not shift depending on how consumers respond to the change in price. If the good is an essential item or has no close substitutes, the demand curve may be relatively inelastic and may not shift much. However, if the good has many substitutes or is a luxury item, the demand curve may be more elastic and may shift significantly.
The amount of the good that buyers are willing to buy at each price may change due to changes in the demand and supply curves, as described above.
The equilibrium quantity of the good may increase, decrease, or remain unchanged depending on the magnitude of the shifts in the demand and supply curves. If the demand curve shifts more than the supply curve, the equilibrium quantity may increase. Conversely, if the supply curve shifts more than the demand curve, the equilibrium quantity may decrease. If the shifts in the demand and supply curves are approximately equal, the equilibrium quantity may remain unchanged.
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suppose there is a permanent decrease in market demand in a constant-cost industry. in the long-run, this change in demand will cause the industry to have
In the long-run, a permanent decrease in market demand in a constant-cost industry will cause the industry to have a decrease in both price and quantity of output.
In the long-run, all inputs are variable, including plant size, and firms have time to adjust their production levels to changing market conditions.As demand decreases, firms will produce less and eventually some firms will exit the industry. This will cause the remaining firms to increase their market share and have more bargaining power with suppliers, which will lead to lower average costs. As average costs fall, firms will be able to lower their prices to increase demand and regain some of the lost market share. However, the new market price will likely be lower than the original price, leading to lower revenue and profitability for firms in the industry.
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Fill The Blank? industries that convert raw materials into homogeneous products typically use_______
Industries that convert raw materials into homogeneous products typically use continuous processing.
What is continuous processing?
Continuous processing is a manufacturing method that involves a continuous flow of raw materials through a series of processing steps, without interruption. It is commonly used in industries such as chemicals, oil and gas, food and beverage, and pharmaceuticals, where large quantities of homogeneous products are produced.
In a continuous processing system, raw materials are fed into the system at one end and the finished product is collected at the other end, with a series of processing steps taking place in between.
The system is designed to operate continuously, with minimal downtime for maintenance or changeovers. This allows for high levels of efficiency and productivity, as well as consistent product quality.
Continuous processing systems are often highly automated, using advanced control systems and sensors to monitor and adjust the various processing parameters. This helps to ensure that the product meets the desired specifications and quality standards.
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finished goods inventory is $200,000. if overhead applied to these goods is $80,000, and the overhead rate is 160% of direct labor, how much direct materials cost was incurred in producing the inventory? (round your intermediate calculations and final answer to nearest whole dollar.)
$70000 direct materials cost was incurred in producing the inventory
Overhead rate = 160% of direct labor = 80000
Hence ,
1.60 * direct labor = 80000
Direct labor = 80000 / 1.60 = 50000
Therefore :
Direct labor = 50000
Overhead = 80000
Hence , Direct material cost = Finished good inventory - Direct labor cost - overhead cost
= 200000 - 50000 - 80000
=$70000
What is Direct Material Cost?
Direct material cost is the cost of the raw materials and components used to create a product. The materials must be easily identifiable with the resulting product (otherwise they are considered to be joint costs). The direct material cost is one of the few variable costs involved in the production process; as such, it is used in the derivation of throughput from production processes. Throughput is sales minus all totally variable expenses.
Examples of Direct Material Costs
Examples of direct materials are the timber used to construct a house, the steel included in an automobile, the circuit board included in a radio, and the fabric used to assemble clothing.
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a _______________ leader attempts to empower group members and shares power with them in working toward making critical decisionsTransformationalAutopilotIndependenceInovation
A transformational leader tries to give group members more authority and shares that power with them in order to encourage critical thinking.
What accomplishes a transformational leader?A leadership style known as transformational leadership affects both social systems and individual behaviour. In its optimal state, it brings about significant and constructive change in the following with the ultimate objective of transforming followers into leaders. The four characteristics of transformational leadership—idealized influence, inspirational motivation, intellectual stimulation, and individualised consideration—enable leaders to motivate followers to achieve more by focusing on their ideals and assisting in their alignment. It is simple for the followers to trust and believe in a transformational leader. This is also known as charisma, because displaying a charismatic personality has been shown to persuade followers to emulate their leader.
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ottoson fencing inc. uses job order costing. the following data summarize the operations related to production for december, the first month of operations: a. materials purchased on account, $31,250. b. materials requisitioned and factory labor used: job materials factory labor 301 $2,910 $2,680 302 3,730 3,630 303 2,280 1,810 304 8,430 7,110 305 4,850 5,010 306 3,900 3,280 for general factory use 1,050 3,920 c. factory overhead costs incurred on account, $5,760. d. depreciation of machinery and equipment, $2,040. e. the factory overhead rate is $55 per machine hour. machine hours used: job machine hours 301 27 302 38 303 30 304 72 305 41 306 25 total 233 f. jobs completed: 301, 302, 303 and 305. g. jobs were shipped and customers were billed as follows: job 301, $8,390; job 302, $10,860; job 303, $15,380. required: 1. journalize the entries to record the summarized operations. record each item (items a-f) as an individual entry on december 31. record item g as 2 entries. 2. post the appropriate entries to t accounts for work in process and finished goods, using the identifying letters as transaction codes. insert memo account balances as of the end of the month. 3. prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Ottoson fencing inc. uses a job order costing whose account is created in the form of a journal, working entry, and the overhead cost.
What is an account?Merchant services protect clients' purchases and their accounts and guarantee the privacy of their personal information. There are various banks that provide services, These services include financing and specialized business banking supervisors. These are not available to private accounts.
Journal entry will be the one that will represent the transaction and the accounting that will be included or the affected ones.
The WIP and the finished goods will be made next
The job that will include various overhead detail is then represented.
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q5 to q10 are based on this problem. jack could manufacture covid 19 test kits using two processes. for process 1, the unit cost of the first two million kits is $10, and the unit cost is reduced to $4 afterward. for process 2, the unit cost of the first five million kits is $8, and the unit cost is reduced to $5 after that. jack has a budget of 20 million dollars and likes to maximize the number of test kits. formulate this problem as an ip. i suggest you write out the complete formulation before you answer the multiple-choice questions. decision variable: x11: millions of kits manufactured at $10 using process 1 x21: millions of kits manufactured at $4 using process 1 x12: millions of kits manufactured at $8 using process 2 x22: millions of kits manufactured at $5 using process 2 what is the objective function?
As per the data given in the question, the objective function of the problem as an IP is: x11, x21, x12, x22 >= 0
The decision variables are:
x11: the number of millions of test kits manufactured at a unit cost of $10 using process 1
x21: the number of millions of test kits manufactured at a unit cost of $4 using process 1
x12: the number of millions of test kits manufactured at a unit cost of $8 using process 2
x22: the number of millions of test kits manufactured at a unit cost of $5 using process 2
The objective is to maximize the number of test kits produced, subject to the budget constraint of $20 million. Therefore, the objective function is:
Maximize: x11 + x21 + x12 + x22
subject to the following constraints:
The total cost of process 1 production cannot exceed the budget:
$10x11 + $4x21 <= $20,000,000
The total cost of process 2 production cannot exceed the budget:
$8x12 + $5x22 <= $20,000,000
The total number of kits produced cannot exceed the capacity of each process:
x11 + x21 <= 2
x12 + x22 <= 5
The number of kits produced must be non-negative:
x11, x21, x12, x22 >= 0
Therefore, the complete formulation of the problem as an IP is:
Maximize: x11 + x21 + x12 + x22
subject to:
$10x11 + $4x21 <= $20,000,000
$8x12 + $5x22 <= $20,000,000
x11 + x21 <= 2
x12 + x22 <= 5
x11, x21, x12, x22 >= 0
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Kelia, the owner of a Lebanese factory that produces electrical converters, recently learned that the EU will begin taxing all electrical components imported into EU member nations. In this example, a tariff is being implemented to protect European electrical component manufacturers. True or False
The tariff was introduced to protect European manufacturers of electrical components. REAL
The required details about tariff is given below
A tariff is a tax imposed by the government of a country or a supranational entity on the import or export of goods. In addition to being a source of government revenue, import tariff can also be a form of foreign trade regulation and policy that levies taxes on foreign products to encourage or protect domestic industry. Alongside import and export quotas and other non-tariff trade barriers, protective tariffs are among the most frequently used instruments of protectionism rates can be fixed or variable.Taxing imports means people are less likely to buy them because they become more expensive.
Tariffs therefore encourage increased production and the substitution of imports with domestic products. The intention is that they will buy local products instead, which will boost their country's economy.
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The accounting term for a situation where two or more people act in coordination to circumvent internal controls is:_________
The accounting term for a situation in which two or more people collaborate to circumvent internal controls is Collusion.
Why Do Investors Need to Understand Accounting?
The procedure of acquiring, analysing, and publishing financial and other data on corporations and businesses is known as accounting, also known simply as "accounting." Write about accounting. Maintaining records of a business's financial transactions is called accounting. Accountants' labour is the foundation of today's financial markets. Business executives would lack the transparency they require to manage risks or plan initiatives without accounting, and investors would be unable to rely on up-to-date, accurate financial data. Regulators also rely on accountants for critical jobs like providing auditors' opinions on companies' yearly 10-K reports.
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Who is eligible to receive direct subsidized loans?
You must be an undergraduate student in need of financial assistance in order to qualify for a Direct Subsidized Loan.
Undergraduate students who have a financial need may qualify for subsidised loans, which are determined by your cost of attendance less your projected family contribution and other sources of financial aid (such as grants or scholarships). Interest on your subsidised loans does not accumulate while you are enrolled in school for at least two thirds of the time or during periods of deferment. If the lender pays the interest, the loan is said to be subsidised. Subsidized federal student loans are the most common of these loans, although subsidised home loans are also available. Others who are eligible receive loans with lower interest rates and monthly payments, while those who are unable to show this may find it simpler to obtain approval for unsubsidized loans.
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A _____ centralizes its management and other decisions in the home country.A) global companyB) glocal companyC) multidomestic corporationD) transnational organizationE) borderless organization
A multidomestic corporation centralizes its management and other decisions in the home country.
A multidomestic corporation is a type of multinational corporation that operates in multiple countries and customizes its products, services, and business strategies to meet the specific needs and preferences of each local market. In other words, a multidomestic corporation decentralizes its operations and decision-making authority to its subsidiaries in each country, allowing them to adapt to the local environment and culture. This approach allows the corporation to be more responsive to local market conditions and gain a competitive advantage over companies that use a standardized global approach. However, it can also lead to inefficiencies and duplication of effort across different markets.
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the opponents of globalization argue that falling barriers to international trademultiple choice question.prevent countries from being interdependent on one another.reduce job opportunities in developing nations where wages are much lower.increase service jobs around the world.eliminate manufacturing jobs in wealthy economies.
The opponents of globalization argue that falling barriers to international trade reduce job opportunities in developing nations where wages are much lower.
Globalization refers to the increasing interconnectedness and interdependence of the world's economies, cultures, and populations. Opponents of globalization argue that the unrestricted movement of goods, services, and capital across borders has negative consequences, particularly for developing countries. One of the main arguments against globalization is that it leads to job losses in developing nations, where wages are lower, as companies relocate to take advantage of lower labor costs. This creates a race to the bottom, with countries competing to offer the lowest wages and fewest labor protections to attract investment. As a result, workers in developed countries lose jobs to outsourcing, while workers in developing countries may be exploited by companies seeking to cut costs.
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an offer terminates automatically when the period of time specified in the offer has passed. true false
Yes, after the time frame set forth in the offer has passed, the offer terminates automatically.
What is a canceled offer?When the offeree notifies the offeror of his rejection, the offer is said to be terminated. As a result, the offeree's counteroffer and introduction of a new offer constitute a rejection of a initial offer.
How may an offer be withdrawn?The expiration of time, the demise of the offeror er offeree, this same failure of a condition or contingency, rejection (or counteroffer), and communication of an offer revocation are all ways that an offer may be ended. Any time before an offer is accepted, it may be withdrawn.
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what is not true about your digital footprint? question 3 options: potential employers can use your history to detemine future employment you can erase your digital footprint online predators look at your personal information college admissions offices are allowed to view your online posts
Option B: you can erase your digital footprint, is not true about your digital footprint.
The data trail you leave behind while you use the internet is referred to as your "digital footprint." Your digital footprint contains information such as a list of all the websites you visit, data from all cookies that services and websites place on your devices, copies of the data you enter online, and even specifics about the hardware and software you are using.
You cannot really delete your digital footprints as they are already recorded once you log in. You can just change the access settings to limit the reach of your content and personal information out on the internet. Thus, option B is not really true about your digital footprints.
Governments, businesses, and even private individuals may see what you do online thanks to the information in your digital footprint. This information is incredibly useful to businesses looking to sell you products, governments looking to spy on your every move, employers looking for ever-greater employee control, and a wide range of crooks looking to steal your identity or access your accounts.
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the following data refer to jacket company's ending inventory: item code quantity unit cost unit market small 100 $114 $116 medium 420 76 88 large 600 84 88 extra-large 220 134 128 how much is the inventory if the lower of cost or market rule is applied to each item of inventory?
$121,880 will be the inventory if the lower of cost or market rule is applied to each item of inventory.
given data:
Quantity of small unit = 100
Lower of cost of small unit = 114
Inventory Value of small unit = 100 x 114
= 11400
Quantity of medium unit = 420
Lower of cost of medium unit = 76
Inventory Value of medium unit = 420 x 76
= 31,920
Quantity of large unit = 600
Lower of cost of large unit = 84
Inventory Value of large unit = 600 x 84
= 50,400
Quantity of extra large unit = 220
Lower of cost of extra large unit = 128
Inventory Value of extra large unit = 220 x 128
= 28,160
Total inventory value = 11400 + 31,920 + 50,400 + 28,160
= 121,880
Inventory refers to the goods or products that a business holds for sale or production. Proper inventory management is essential for ensuring the availability of products, controlling costs, and maintaining efficient operations. Overstocking or understocking inventory can lead to lost sales, lower profits, and other operational problems.
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In the budgeting video, what did they recommend as a first step in budgeting?A. Track your income and expenses for a month
B. Customer interest
C. Innovation
D. Track Expenses
In the budgeting video, tracking your income and expenses for a month is recommended as a first step in budgeting
The distinction between revenue and expenses is straightforward: revenue refers to the money your organisation receives, whilst expenses refer to the money it spends. The term "net income" is frequently used to refer to your revenue, or the total amount of money coming into your company, less all of your expenses. Your company is profitable if that number is positive. One of the three crucial financial statements that summarises a company's financial performance over the course of a particular accounting period is the income and expense statement. The balance sheet and the cash flow statement are the other two important statements. An exhaustive accounting of all a company's receipts and outlays for a certain fiscal year is known as a revenue and expense account.
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which of the following statements about industry dynamics is true? multiple select question. over time, industry structures are not stable. firms in an industry have a tendency to fragment in order to increase profitability. the five forces model takes into account industry dynamics. the five forces model is a static model.
The five forces model takes into account industry dynamics. the five forces model is a static model about industry dynamics is true.
What are the dynamics of your industry's competition?The set of actions and reactions that all businesses that compete in a given market take together constitute competitive dynamics. In order to forecast the competitive actions and responses that each of their competitors is likely to take, businesses research competitive rivalry.
The study of interfirm competition known as competitive dynamics includes competitive behaviors and responses, their micro- and macro-level contexts, as well as their causes and effects.
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now, your aunt deposits your payments in the bank each month, earning 0.5% per month. ($70 next month, $85 each of the next two months, and then $90 each month for months 4 through 6) how much will she have six months from now?
According to the question ,The account will have a total balance of about $518.72 after six months.
Describe a bank :Banks are independently held businesses that typically accept deposits and disburse loans. People make deposits when they provide money to a business with the expectation that they can withdraw it at any moment or at a certain future date. A loan or line of credit given to a borrower with the expectation that it will be repaid with interest.
First, let's calculate the total amount of money that will be deposited into the account over the 6-month period:
$70 + $85 + $85 + $90 + $90 + $90 = $510
A =[tex]P(1 + r/n)^nt[/tex] by using formula compound interest to calculate the total balance after 6 months:
A represents the total sum.
P is the upfront payment.
interest rate (0.05 percent or 0.005 percent)
Since income is received monthly, n equals 12/1, which is the amount of times income is compounded annually.
A = $510(1 + 0.005/12)^(12*0.5)
A = $510(1.0025)^6
A = $510(1.01569)
A = $518.72
Therefore, after 6 months, the total balance in the account will be approximately $518.72.
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martin company currently produces and sells 40,000 units of product at a selling price of $12. the product has variable costs of $6 per unit and fixed costs of $150,000. the company currently earns a total contribution margin of:
If the sales unit are 40,000 and its selling price is $12 then the company currently earns a total contribution margin of $90,000.
Total cost = fixed cost + variable cost
= $150,000 + 40,000 × 6 = 3,90,000
Total contribution margin = total sales - total cost
= 40,000× 12 - $3,90,000 = $90,000
What is total contribution margin?
The total revenue an entity has available to cover fixed costs and turn a profit is represented by the total contribution margin it has earned. Always working to raise a company's contribution margin, which enables it to make a profit even in times of dropping sales, is a solid profit planning strategy. You need to figure out your gross profit before you can figure out your contribution margin. Your total revenue is the first step in calculating gross profit.
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most of the easily accessible oil and gas fields are in the early part of their production life expectancies. group of answer choices true false
Most of the easily accessible oil and gas fields are in the early part of their life expectancies - False
Most readily accessible oil and gas reserves have already been found and exploited, and they are now nearing the end of their useful lives. It gets more difficult and expensive to extract the remaining oil and gas as these fields are near their useful lifespan. This is due to the fact that the residual supplies are frequently located in smaller, more dispersed pockets, necessitating the adoption of more sophisticated extraction techniques like deep-sea drilling and hydraulic fracturing.
Because of this, the oil and gas sector is continuously looking for new deposits, frequently in more complex or isolated areas such as deep underground or offshore. These new assets may also require substantial expenditures in infrastructure and technology to access, and are often more expensive and challenging to extract.
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if you were considering buying land and developing a farm in cimarron county today, what precautions would you want to take to protect yourself against the possibility of drought?
Conservation and reduced tillage involve mulching the soil with organic materials or crop waste to prevent evaporation and improve moisture retention.
Briefing:-With smaller, more concentrated, higher-value, water-efficient operations like tunnel and hydroponic production, there is dense planting.
What steps may be taken to lessen the effects of the drought?Conserving water is one of the simplest actions we can take to lessen the effects of the drought. When a drought strikes, we will have more water accessible to people and to plants and animals if we always use water properly.
What was one effect of the 1930s severe drought in the Great Plains?Due to farming techniques at the time, when a severe drought hit the Great Plains region in the 1930s, there was erosion and topsoil loss. The topsoil became friable and, in some areas, reduced to a powdery consistency as a result of the drought's drying effects.
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QUESTION 6/10
Revenue is:
1-1
A. The amount of money a company pays its employees.
C. The amount of taxes a company has to pay.
B. The amount of money a company makes from sales.
D. The amount of money a company has left over after paying
Bills
Transcribed image text: Why should you encourage Derin to use groups to make decisions? Multiple Choice O Groups seek decisions that are good enough. O Groups subsume the primary goal with secondary goals. O Groups have a greater pool of knowledge. Groups cut down on the variety of ideas.
We should encourage Derin to use groups to make decisions because Groups have a greater pool of knowledge. The correct option is c.
What is knowledge?Knowledge is often understood as awareness of facts or as practical skills, and may also mean familiarity with objects or situations. Knowledge of facts, also called propositional knowledge, is often defined as true belief that is distinct from opinion or guesswork by virtue of justification. While there is wide agreement among philosophers that propositional knowledge is a form of true belief, many controversies in philosophy focus on justification.
Whether it is needed at all, how to understand it, and whether something else besides it is needed.
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the long-run aggregate supply curve in franklandia will shift to the left if a the aggregate price level is falling. b a virus sickens a vast percentage of the franklandian labor force. c a trade war with foxystan begins. d the central bank of franklandia increases the money supply. e nominal wages are rising.
The correct response is (b) a large portion of the Franklandian labor force is sickened by a virus.
The potential output that an economy can produce when all factors of production (land, labor, capital, and entrepreneurship) are used at their natural rates is represented by the long-run aggregate supply (LRAS) curve.
in the overall level of prices have no impact on the LRAS curve because over time, prices and wages will adjust to bring the economy back to its potential output.
The underlying productive capacity of the economy, such as changes in the quantity or quality of the factors of production, can, however, cause the LRAS curve to move to the left or right. A virus that infects a large percentage of people in this situation
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how would you describe the basic features of the united states federal budget? group of answer choices it is mostly defense and social programs it is mostly foreign aid to other countries it is mostly funds for scientific research it is mostly funds for road construction
United states federal budget is used mostly defense and other social programs. Option 1 is correct.
Two-thirds of federal expenditure goes to "mandatory" programs. The majority of this mandated expenditure is for entitlement programs such as Social Security, Medicare, and Medicaid. CBO forecasts that obligatory program expenditure and interest expenses will climb relative to GDP from 2016 to 2026, while defense and other discretionary spending will fall.
The federal government's spending and income are included in the United States budget. The budget is the monetary manifestation of the government's ambitions, reflecting historical conflicts and opposing economic viewpoints. To support the American people and pay interest on borrowed monies, the federal government spends money on a variety of goods, programs, and services. In fiscal year (FY) 2022, the government spent $6.27 trillion more than it received (revenue), resulting in a deficit.
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the average manufacturing overhead cost per unit tends to when the number of units produced fluctuate. multiple choice question. contain direct materials costs be more than direct materials cost per unit remain fairly constant vary from one period to the next
From one period to the next, the average manufacturing overhead cost per unit is prone to change.
Do manufacturing overhead costs include all manufacturing expenses excluding direct labor and direct materials?Any production expenses other than direct labor and supplies are referred to as manufacturing overhead. Justification: Factory overhead, indirect materials, and indirect labor comprise manufacturing overhead. Manufacturing overhead refers to expenses that cannot be clearly linked to each product manufactured.
Which document contains the expenses for the manufacturing overhead, labor, and materials applied to a job blank?The most crucial job costing document is the job cost sheet. To determine the overall expenses for the job, they compile all of the pertinent information about it, add up the costs of all direct materials, direct labor, and overhead, and then add those costs together.
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the closing entry for expenses includes a debit to: multiple choice dividends and a credit to all expense accounts. revenues and a credit to retained earnings. revenues and a credit to all expense accounts. retained earnings and a credit to all expense accounts.
Revenues and a credit to all expense accounts a closing entry is a journal entry made at the end of an accounting period to transfer balances from a temporary account.
The basic sequence of closing entries is as follows Debit all revenue accounts and credit the revenue summary account,thus settling the balances in the revenue accounts.Credit all expense accounts and debit the income summary account, thus eliminating balances on all expense accounts.The closing entry for dividends involves a debit to Retained Earnings and a credit to Declared Dividends.Closing entries are journal entries made at the end of accounting periods that involve the transfer of temporary accounting data from temporary income statement accounts to permanent accounts.Temporary accounts include income,expenses,and dividends.This becomes an important financial record for future reference. It is used to create financial statements.It is also known as the second entry book.
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a relationship formed by a number of independent business owners who join together to buy merchandise to get the discount prices available to chain stores called
Answer:
This type of relationship is called a buying cooperative or a purchasing cooperative. It allows independent businesses to pool their purchasing power and negotiate for better prices on products or services. By buying in bulk, the cooperative members can receive discounts that are similar to those offered to larger chain stores, helping them to compete in the market.
Explanation:
What describes a situation when poor risks and balanced with preferred risks, and average risks are in the middle?a. Equitable spread of riskb. Ideally insurable riskc. Profitable distribution of exposuresd. Adverse selection
The situation that describes when poor risks and balanced with preferred risks, and average risks are in the middle is known as c. Profitable distribution of exposures.
This is because the distribution of exposures is balanced between the different levels of risk, allowing for a profitable outcome for the insurer. By balancing the risks, the insurer is able to spread out the potential losses and ensure that they are not overly exposed to high-risk situations. This is an important aspect of insurance, as it allows the insurer to remain financially stable and continue to provide the coverage for their clients.
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peter hires brian and tells brian that he has the authority to make purchases for peter's company. peter tells brian he is not to consider himself as peter's agent. is brian peter's agent?
Yes, Brian is likely to be considered as Peter's agent despite Peter's statement that he is not Peter's agent.
The determination of whether a person is acting as an agent depends on whether the principal (Peter) has given the agent (Brian) the authority to act on his behalf. In this case, Peter has given Brian the authority to make purchases for his company, which suggests that Brian is acting as an agent for Peter.
The principal-agent relationship is established by consent, and it can be either expressed or implied. In this case, even though Peter has made a statement that Brian is not his agent, the actions of the parties suggest otherwise.
The fact that Peter gave Brian the authority to make purchases for his company creates an implied agency relationship between them. As a result, Brian is likely to be considered Peter's agent, and he will be bound by the duties and responsibilities that come with being an agent.
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