Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. The Supplies account has a balance of $2,500. On December 31, 2019, an inventory of supplies showed that items costing $625 were on hand.
What will be an ideal response?
Debit Supplies Expense, $1,875; credit Supplies, $1,875
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What is the margin of safety? List three ways in which margin of safety can be expressed.
What will be an ideal response?
In a job-order costing system,
a. standards cannot be used. b. an average cost per unit within a job cannot be computed. c. costs are accumulated by departments and averaged among all jobs. d. overhead is typically assigned to jobs on the basis of some cost driver.
When a job is completed in a service organization, the job costs are transferred to the
A) work in process account. B) cost of services account. C) finished goods account. D) cost of goods sold account.
You are a financial planner who uses demographic segmentation factors such as age, income, education and family status to identify potential clients for your retirement investing services. You are also interested in investigating how to use psychographic segmentation to identify potential clients. How can you use the concepts of psychographic segmentation to assist you in identifying additional clients?
What will be an ideal response?