Estimating expenses using actual expenses from previous years and tracking current expenses make the task of preparing a cash budget easier.
Answer the following statement true (T) or false (F)
True
Rationale: A schedule of estimated expenses for the coming year is prepared using the actual expenses from previous years along with the predetermined short-term financial goals. See 2-5: Cash In and Cash Out: Preparing and Using Budgets.
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The grammatical structure of language is called
A) phonemics B) semantics C) pragmatics D) syntax
Using Jackson Katz’s (1999) work on media and masculinity and Jean Kilbourne’s (1979) work on portrayals of feminine beauty in media, explain the real-world impact these portrayals of masculinity and manhood and feminine beauty have had on our lives.
What will be an ideal response?
On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco debited the prepayment to a Prepaid Subscriptions account, and the subscriptions started immediately. What adjusting entry should be made by Otisco, Inc. for the adjustment on December 31 of the first year assuming the company is using a calendar-year reporting period and no previous adjustments had been made?
A. Debit Subscription Expense $387 and credit Cash $387. B. Debit Subscription Expense $516 and credit Prepaid Subscriptions $516. C. Debit Subscription Expense $387 and credit Prepaid Subscriptions $387. D. Debit Unearned Subscriptions $387 and credit Subscription Expense $387. E. Debit Prepaid Subscriptions $516 and credit Subscription Expense $516.
At the beginning of the year, Barcroft Co. estimated that its total annual fixed overhead costs would amount to $25,000. Further, Barcroft estimated that its volume of production would be 2,000 units of product. Based on these estimates, Barcroft computed a predetermined overhead rate that was used to allocate overhead costs to the products made during the year. As predicted, actual fixed overhead costs did amount to $25,000. However, actual volume of production amounted to 2,200 units of product. Based on this information alone:
A. Products were overcosted during the year. B. Products were costed accurately during the year. C. Products were undercosted during the year. D. The answer cannot be determined from the information provided.