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Zina [86]
3 years ago
13

Based on the key assumptions of financial reporting, which of the following should be excluded from financial reports? A : items

that can be expressed in monetary units B : purchase of a vehicle for a manager’s work use C : customer satisfaction and complaint reports D : transactions that occurred within the past year
Business
1 answer:
schepotkina [342]3 years ago
6 0

Answer:

Customer satisfaction and complaint reports should be excluded from financial reports.

Explanation:

Customer satisfaction and complaints report is a marketing report, it determines how the products and services provided by a company meet or exceed customer expectations. Customer expectitions are not the same for each customer, and can't be measured and registered in a financial report.

Financial reports are those comply certain assumptions such as:

Accrual assumption.

Consistency assumption.

Economic entity assumption.

Reliability assumption.

Time period assumption.

Among others.

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Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fin
larisa [96]

Answer:

                         H. J. HEINZ COMPANY

                            Partial Balance Sheet

                   For the month ended April 30, 2017

Assets

<u>Current assets</u>

Cash                                                            $373,145

Accounts receivable                                  $1,171,797

Inventory                                                     $1,237,613

Prepaid insurance                                      <u>$125,765 </u>

Total current assets                                  <u> $2,908,320</u>  A

<u>Property, plant, and equipment</u>

Land                                                                          $76,193

Buildings                                        $4,033,369

Less: Accumulated depreciation <u>$2,131,260</u>         <u>$1,902,109</u>

                                                                                 <u>$1,978,302</u>  B

<u>Intangible assets</u>

Goodwill                                                                   $3,982,954

Trademarks                                                              <u>$757,907    </u>

                                                                                 <u>$4,740,861 </u>C

Total assets (A+B+C)                                                $9,627,483

6 0
3 years ago
Consider a small country that is closed to trade, so its net exports are equal to zero. The following equations describe the eco
inna [77]

Answer:

1. Aggregate output demanded is $500 billion. True.

Aggregate Demand (Y) = C + G + I

Y = 40+0.9∗DI + 80 + 20

Y = 40 + 0.9 ∗ (Y−100) + 80 + 20

Y = 50 + 0.9Y

0.1Y = 50

Y = $500 billion

2. Suppose the government decides to increase spending by $10 billion without raising taxes. Because the expenditure multiplier is 10. True.

Expenditure Multiplier = 1 / ( 1 - Marginal Propensity to Consume)

Marginal Propensity to Consume = 0.9 as per the Consumption function.

= 1/ ( 1 - 0.9)

= 10

2. b. this will increase the economy's aggregate output demanded by $100 billion. True.

Change in Aggregate output = Increase in government expenditure * expenditure multiplier

= 10 billion * 10

= $100 billion

3. ... In this case, the economy's aggregate output demanded is $500 billion . True.

Aggregate Demand (Y) = C + G + I

Y = 40+0.9∗DI + 80 + 20

Y = 40 + 0.9 ∗ (0.80∗Y) + 80 + 20

Y = 140 + 0.72Y

0.28Y = 140

Y = $500 billion

4. Given an income tax of 20%, the expenditure multiplier is approximately 3.6. True.

As a result of the new tax, the MPC will become;

= 0.9 * ( 0.80 * Y)

= 0.72Y.

Expenditure Multiplier = 1 / ( 1 - Marginal Propensity to Consume)

= 1/ ( 1 - 0.72)

= 3.57

= 3.6

4. b. Therefore, if the government decides to increase spending by $10 billion without raising tax rates, this would increase the economy's aggregate output demanded by approximately $36 billion. True.

Change in Aggregate output = Increase in government expenditure * expenditure multiplier

= 10 billion * 3.6

= $36 billion

5. A $10 billion increase in government purchases will have a larger effect on output under a fixed tax of $100 billion. True.

When the tax was fixed, an increase in Government purchases of $10 billion resulted in an increase in Aggregate output of $100 billion. When the Government switched to income taxes however, a $10 billion increase in Government spending led to a significantly lesser increase in Aggregate output of $36 billion.

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