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Reika [66]
1 year ago
8

Orange County Shop follows the revenue recognition principle. Orange County services a bicycle on July 31. The customer picks up

the bike on August 1 and mails the payment to Orange County on August 5. Orange County receives the check in the mail on August 6. When should Orange County show that the revenue was recognized?
Business
1 answer:
sp2606 [1]1 year ago
4 0

The correct answer is A) July 31st.

Orange County shows that the revenue was recognized on July 31st.

The other options of the question were B) August 1. C) August 5. D) August 6.

To be successful, a business needs good control and operation systems. Accounting is of the utmost importance when controlling the finances of a company. You have to keep your records straight. Your accountant needs to clearly understand when to record revenue in your book. So the accountant has to understand the general principles of accounting. According to the revenue recognition principle, revenue has to be recognized when they are realized, so you keep it in the book.

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________ is a consultative function of the MIS department. Question 2 options: 1) Creating business alliances with business part
MAVERICK [17]

Answer: (1) Creating business alliances with business partner

Explanation:

 The MIS is stand for the management information system and it is one of the type of computerized database system which is basically used to store the financial based information in an organization.

 The consultative function is basically helps in producing the regular reports or information of the company's operation and also manage the system integration such as intranets and internet.  

 The main objective of the consultative function of the management information system department is to initiating the various types of business strategy and the business alliances with the business partner in an organization.

  Therefore, Option (1) is correct answer.  

      

5 0
2 years ago
On January 1, 2015 Outback Subaru Limited, a Subaru dealership in Alice Springs, sold 2 cars to the town for $50,000 total. Outb
horsena [70]

Answer:

What would be the impact on January 1, 2015, the date of the sale?

The following journal entries should be made to register the sale:

January 1, 2015: 2 cars are sold

  • Dr Cost of Goods Sold 37,000
  • Cr Merchandise Inventory 37,000

  • Dr Accounts Receivable 50,000
  • Cr Sales Revenue 50,000

On January 30, 2015 Outback Subaru Limited received payment in full from the town for the cars.  What would be the impact of this transaction on this date?

The following journal entry should be made to register the payment:

January 30, 2015: the local government paid the cars

  • Dr Cash 50,000
  • Cr Accounts Receivable 50,000

4 0
1 year ago
A drought in California destroys many red grapes. As a result of the drought, the consumer surplus in the market for red grapes
Ira Lisetskai [31]

Answer:

B

Explanation:

because if you raise it high enough you can get less people to buy seen it in a lot of places

4 0
1 year ago
Barbara solicits input from her subordinates before making decisions that will affect them. She often praises them for good work
stiv31 [10]

Answer:

Letter B is correct. <u><em>Participative.</em></u>

Explanation:

The participative leadership style is characterized by a leader whose focus is on including employees in most of the organizational decision making process. It is a type of leadership that prioritizes teams and their decisions are relevant to the point of establishing a majority vote in the company to assist in organizational issues and actions.

There are many added benefits in organizations that adopt a participatory leadership style, some of which are:

  • Greater acceptance of consensus-based practices and policies. Employees feel valued and motivated to achieve organizational goals because they feel they are part of the company's achievements.
  • Encourages employee creativity and collaboration in problem solving.
  • Decreases turnover and turnover costs as employees choose to stay with the company to see their plans assist in organizational success.
6 0
1 year ago
The Walden Manufacturing Corp. has office support salaries of $4,000, factory supplies of $1,000, indirect labor of $6,000, dire
Sedbober [7]

Answer: <em>Total Period Cost = $20,500</em>

Explanation:

Given :

Salary = $4000

Factory supply = $1000

Indirect labor = $6000

Direct material = $16000

Advertising expense = $2500

Office expense = $14000

Direct labor = $20000

Period costs are the costs incurring that do not tend to be a section of manufacturing process. Therefore, we compute the Period Cost using the following formula:

<em> Period costs = Salary + Advertising expense + Office expense </em>

<em> = $4,000 + $2,500 + $14,000 </em>

<em> = $20,500</em>

7 0
2 years ago
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