Businesses that are exempt from output and input VAT are
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A: Note: overlooking of prepaid insurance means insurance expense are understated, due to which income ...
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A: Liquidation of Partnership - Liquidation of partnership is the process of selling all the assets ava...
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A: The equipment is measured at the fair value as on the date after deduction of costs if any.
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A: Solution Nominal account is a general ledger account pertaining to all income , expenses , losses an...
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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
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A: the correct option with proper explanation are as follows
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A: Solution Concept Accrued income means the income that is earned but not received yet The accrued inc...
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A: A partnership is an arrangement between two or more person and share its profit and loss.
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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question ...
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- Business that are exempt from output VAT but entitle to input VAT are A. Vat Exempt Persons B. Vatable Persons C. Zero-rated Persons D. Answer is not given.Those costs which cannot be influenced by the action of a specified member of an enterprise is cafted? Select one: a. Non-controllable costs b. Relevant Costs C. All Costs d. Pre-determined costsFor the following descriptions state whether the cost is controllable or uncontrollable by responsibility center managers. A. property tax of an existing manufacturing facility B. research and development of a product C. advertising of a product D. insurance cost of the existing manufacturing facility E. design of a product
- Which of the following is not a reason for the physical inventory count to differ from what is recognized on the companys books? A. mismanagement B. shrinkage C. damage D. sale of services to customersTo determine if a performance obligation exists, A. none of the alternatives are correct. B. a customer must be able to benefit from the product or service. C. the company must provide a distinct product or service. D. all of the other alternatives are correct.Uncontrollable costs are the costs which be influenced by the action of a specified member of an undertaking. a.Cannot b.Can c.May or may not d.Must
- Please describe a nonmanufacturing business that could benefit from the use of standards. Also, explain how standards would help that business control its operations. Please be original.Product costs are deducted from revenuea. As expenditures are madeb. When product is completedc. As goods are sold.d. To minimize taxable income.A is not an example of a cost objective. a. department b. product c. territory d. All of these answers are correct
- ______ is the act of using another company to provide goods or services that your company requires. A. Allocating B. Outsourcing C. Segmenting D. LeasingFor each situation, list the assumption, principle, or constraint that has been violated, if any. List only one answer for each situation. a. East Lake Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be sold, is not certain. choose one of the assumption, principle or constraint Going concern assumptionPeriodicity assumptionNo violationHistorical cost principleRevenue recognition principleEconomic entity assumption b. Hilo Company is in its fifth year of operation and has yet to issue financial statements. (Do not use the full disclosure principle.) choose one of the assumption, principle or constraint Historical cost principleGoing concern assumptionRevenue recognition principleNo violationPeriodicity assumptionEconomic entity assumption c. Gomez, Inc. is…Please Do not Give image format Allocate manufacturing, ordering, and selling costs to the two customer groups by using an activity-based management (ABM) allocation basis. Calculate the net profit before tax (NPBT) for each customer group using an ABM allocation basis.
