If a resource is scarce, you will not want to use as much of it, therefore you learn to settle with the small amount and deal with the amount it supplies.
This helps you save money because it is scarce, so you will not need much of it.
To return something and get money back
Answer:
Fabiola pays 27.0963 dollars for 8.79877 gallons of fuel.
Step-by-step explanation:
We are given that,
Fabiola pays 357 pesos for 40 liters of fuel.
It is required to convert the amount in dollars.
Since, we know that,
1 peso = 0.0759 dollars
So, 357 pesos = 0.0759 × 357 = 27.0963 dollars
Moreover,
1 liter = 0.219969 gallons
So, 40 liters = 0.219969 × 40 = 8.79877 gallons
Thus, we get that,
Fabiola pays 27.0963 dollars for 8.79877 gallons of fuel.
Answer:
A. Is generally accepted for external reporting because it gives more useful information.
Explanation:
Accrual Basis of Accounting states that: Transactions should be recorded when they are entered into, irrespective of cash settlement done or not.
For Eg: 'Sales' would be recognised & recorded when goods are sold & debtor's obligation / liability to pay has been established, whether cash has been received or not.
This basis of accounting provides a clearer picture of enterprise' performance during an accounting period (i.e financial year), by providing for the real expenses & revenues of that period only.
Eg: Outstanding Expense (due but not paid) if ignored on cash basis - would lead to underestimation of expenses & overestimation of profit.
So, Accrual System is generally accepted because it is more 'Relevant' i.e more useful to Accounting information users.
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