Examlex
Zike Corporation's static planning budget for October appears below.The company bases its budgets on machine-hours. In October,the actual number of machine-hours was 6,000,the actual supplies cost was $14,740,the actual power cost was $49,170,the actual salaries cost was $15,390,and the actual equipment depreciation was $63,670. The spending variance for supplies cost in the performance report for the month should be:
Artificial Time Periods
Divisions of time, not naturally occurring, created for the purpose of financial reporting, budgeting, or project scheduling.
Economic Entity Assumption
An accounting principle that treats a company as a separate entity from its owners or shareholders for financial reporting purposes.
Economic Events
Transactions and occurrences that have a direct impact on the financial position and performance of a company, including both internal and external activities.
Sole Proprietorship
A business structure where an individual owns the company and is personally responsible for its debts.
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