Colby Enterprses Is Subject to a 30% Tax Rate and Has

question 29

Multiple Choice

Colby Enterprses is subject to a 30% tax rate and has a December 31 year-end.During 2010,the accountant discovered an error made in 2009 relative to an expenditure that was incorrectly classified as an asset when it should have been expensed.The total pre-tax amount of the error was $70,000.The prior period adjustment to beginning retained earnings will be ______ by $_______.

• A)reduced $49,000
• B)reduced $21,000
• C)increased $70,000
• D)increased $49,000

Understand the influence of environmental and social factors on perception.

Grasp the relationship between physical stimuli properties (like intensity and wavelength) and their perceived qualities (like brightness and hue).

Understand the basic anatomy and functions of the eye, including the retina, iris, fovea, and pupil.

Recognize common vision problems and their corrections.

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Definitions:

Activity Variance

The difference between the budgeted amount of activity (like hours or units) and the actual amount achieved.

Budgeting

The process of creating a plan to spend your money, allowing for the allocation of funds to various areas.

Actual Results

The real financial outcomes achieved by a business over a period, which can be compared against budgeted or forecasted figures for analysis.

Personnel Expenses

Personnel expenses are costs associated with employing staff, including wages, benefits, and taxes.