The amounts for recording properties and services purchased by a business are determined using the cost concept.
<h3>Which principle determines the amount initially entered into the records for purchases?</h3>
A principle of accounting establishes the initial amount entered for purchases in the accounting records. According to the cost idea of accounting, all purchases of items (such as assets or items required for spending) should be recorded and kept in books at their original cost. Therefore, unless specifically indicated differently, it should be understood that an asset's value on a balance sheet represents its cost. Let's use the case of a company that pays cash or bank for a building worth $200,000. The worth of the building will be recorded in the accounting records using the cost concept of accounting, which equals $2,000,000. After four years, the building's worth increased to $1,000,000.
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The best thing that I can do is to work in my task while giving instructions to my co worker on what to do in regard to the thing he or she needs help on. The least thing I can do is not to help someone who is in need as I know in the future I may need one's help too.
Answer:
true
Explanation:
Compensation can be direct or indirect
Some of the components of compensation includes :
- Base pay
- commissions
- stock options
- Bonuses
- health insurance
Direct compensation are usually offered to individuals
Base pay is usually offered to the individual based on certain parameters .
Same with commissions
But there are some compensations that are offered to groups. For example if members of a department achieve a certain benchmark, they can be rewarded with stock options
Also, indirect compensations such as health insurance and pension are usually compensation offered at the organisational level or group level
Answer:
The manufacturing overhead applied to work in process is:
D. $79,000
Explanation:
a) Data and Calculations:
Beginning work in process inventory 30,000
Direct materials used in production 50,000
Direct labor 60,000
Total manufacturing costs to account for 219,000
Manufacturing overhead applied to WIP 79,000 (219,000 - 140,000)
Ending work in process inventory 72,000
b) The manufacturing overhead applied to Work in Process is the difference between the total manufacturing costs to account for and the costs of beginning work in process, direct materials, and direct labor for the period. When the ending work in process is deducted from the total manufacturing costs, the resulting figure represents the cost of goods transferred to finished goods inventory.
Answer:
a. price discrimination.
Explanation:
Price discrimination is pricing strategy where different prices are charged to different customers for the same product or service based on what the seller thinks he can get from each of them.
There are 3 types of price discrimination:
-First degree: is price discrimination where firm charges different price for every unit sold. Also called perfect discrimination.
-Second degree: is discrimination where the firm charges different prices for different quantities.
-Third degree: is when the seller charges different price for different consumer groups.
Hendry Products charges Montgomery Meats a lower price, and charges other firms similar to Montgomery Meats more for the same products. Hendry Products is practicing third degree price discrimination.
