Answer:
The Journal entry are as follows:
(i) On May 31,
Miscellaneous Expense A/c Dr. $50
To cash A/c $50
(To record bank service charges)
(ii) On May 31,
Supplies A/c Dr. $18
To cash A/c $18
(To record difference in recording)
Workings:
Supplies = $97 - $79
= $18
Answer: c. multiple predetermined overhead costs
Explanation:
Companies can improve job cost accuracy by using ________.
(A) a plantwide overhead rate
(B) direct-labor hours to apply overhead
(C) multiple predetermined overhead rates
(D) number of units in the job to apply overhead
By applying multiple predetermined overhead costs, companies can improve job cost accuracy. This is because it provides more accurate product costs. It is usually employed in large companies. Here, each department engaged in production runs its own predetermined overhead rate. Though while more complex, is known to be more accurate since it reflects the differences across the various production departments in how overhead costs are incurred, hence, job accuracy is improved significantly.
Answer:
A. The rate when the inventory was paid for
Explanation:
The U.S. company should register the inventory purchase in their balance sheet using the $/C$ exchange rate at that date the inventory was paid for since that would represent the actual monetary value spent on inventory. The rate is subject to change and, therefore, using the exchange rate at the time of delivery, sale or at the balance sheet date, could incorrectly represent the company's inventory expenses.
Answer:
The application of skill and knowledge with reasonable care and diligence
Explanation:
Competence is a part of Article IV- Due Care under the AICPA code of professional conduct. Competence is necessary to render the professional service without calling into question. It represents the application and maintenance of perceiving experience that supports a professional member to render a service with extreme knowledge, facility, and professionalism. Therefore, the answer choice B is the correct option.
Answer:
The correct answer is option d.
Explanation:
Ramses's business is organized as a sole proprietorship. A sole proprietorship is a form of business in which there is a single owner who manages and runs the business. The owner has unlimited liability for the firm's debts. There is no distinction between owner and business entity.
The advantage of a sole proprietorship is that the owner does not have to share profits. The owner pays personal income tax on profits earned.
