that: SP = Cost + MU$ SP = $75 + MU$ Since MU$ must be 25% of SP, we can state: SP = $75 + 0.25SP Restating the previous point, we have: SP – 0.25SP = $75 Restating the previous point, we have: 0.75SP = $75 After...
that: SP = Cost + MU$ SP = $75 + MU$ Since MU$ must be 25% of SP, we can state: SP = $75 + 0.25SP Restating the previous point, we have: SP – 0.25SP = $75 Restating the previous point, we have: 0.75SP = $75 After...
In least squares regression, what do y and a represent? Here are the meanings of the components or symbols used in the least squares equation of y = a + bx: y is the dependent variable, such as the estimated or expected...
part of the total cost increases as an activity increases and it decreases as the activity decreases. Semivariable costs are also referred to as mixed costs. The equation for a semivariable cost is Total Cost = Fixed...
will involve at least two general ledger accounts. It also requires that the total of the debit amounts be equal to the total of the credit amounts. Mark as wrong Mark as right bookkeeping equation (or) accounting...
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Isn't objectivity violated when estimates are used in bookkeeping and accounting? The use of estimates does not necessarily violate objectivity. If it is not possible to determine the exact amount of an expense...
What is the accounting entry to close the sole proprietorship drawing account? Definition of Sole Proprietorship Drawing Account The drawing or withdrawal account for a sole proprietorship is a temporary owner equity’s...
What is the accounting treatment for an asset that is fully depreciated, but continues to be used in a business? An asset that is fully depreciated and continues to be used in the business will be reported on the balance...
Under accrual accounting, how are worker comp premiums handled? Worker comp insurance premiums should be charged to the areas where the related wages and salaries are charged. Let’s assume that the net cost of worker...
What is the difference between the cash basis and the accrual basis of accounting? Definition of the Cash Basis of Accounting Revenues are reported on the income statement in the period in which the cash is received from...
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