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ozzi
2 years ago
14

Which accounting principle requires to keep personal financial information separate from the financial information of Bogswell L

egal Services
Business
1 answer:
pantera1 [17]2 years ago
4 0

The accounting principle of business entity principle  that personal financial information be kept separate from Bogswell Legal Services' financial information.

The owner of the entity and the entity itself are regarded two independent elements under the business entity concept. This law normally applies to corporations registered with the government. In such a setup, all data filings will be done separately for both the owner and the entity.

The business entity concept in accounting raises the owner's responsibilities anytime corporate capital is used for personal purposes. It holds the company and its owner accountable for their respective financial commitments. This idea also applies to business owners who own many enterprises.

To know more about business entity concept click here:

brainly.com/question/13185842

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True or false: When a capital investment decision is being made between two or more alternatives, the project with the shortest
Flura [38]

Answer:

False

Explanation:

The payback period refers to the specific period of time that it is required to recover the amount invested and it is an important factor to take into account but the project with the shortest payback period is not necessarily the most desirable investment because other factors are also considered, for example, the expected profit and the conditions in the environment that may affect the assumptions made. Because of that, the answer is that the statement is false.

3 0
3 years ago
The net income reported on the income statement for the current year was $226000. Depreciation recorded on plant assets was $351
Snezhnost [94]

Cash collections from clients at some point of the duration =beginning money owed receivable +internet credit income-ending accounts receivable = 1128000

= 125000+1216000-213000

= 1128000

Surely put, cash collection is the process of accumulating debts owed in your organization. these may be bills owed with the aid of a character or another business and might consist of each cutting-edge bill with an awesome balance and beyond-due money owed. you may additionally hear this referred to as payment collections.

Cash collection additionally referred to as charge collection, is a treasury characteristic that describes the method whereby an enterprise recovers coins from different groups (or individuals) to whom it has previously issued an invoice. the important thing objective of the coins series is to get invoices paid on their due date.

Cash collections typically come from one in every of two locations: coins income and collections on bills receivable. Use historical information and trends to estimate collections for every class and calculate the sum of the figures to locate general budgeted cash collections.

Learn more about Cash collections here: brainly.com/question/16346203

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4 0
2 years ago
Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect m
Trava [24]

Answer:

C. an increase in accrued expenses

Explanation:

Operating activities: It includes those transactions which affect the working capital after net income. The increase in current assets and a decrease in current liabilities would be deducted whereas the decrease in current assets and an increase in current liabilities would be added.  

These changes in working capital would be adjusted. Moreover, the depreciation expense is added to the net income and the loss on the sale of assets is added whereas the gain on sale of assets is deducted

4 0
4 years ago
In some countries, the work a person does is mandated by their parents true or false
nata0808 [166]
The statement "In some countries, the work a person does is mandated by their parents" is True. I hope my answer has come to your help. God bless and have a nice day ahead! Feel free to ask more questions here in Brainly.
6 0
4 years ago
Read 2 more answers
An accounting firm is capable of processing 20 income tax forms per day. The average number of forms in various stages of proces
Natalija [7]

Answer:

The average processing time per income tax form is more than 3 but less than or equal to 4 days.

Explanation:

The average processing time per income tax form is an average number of days it takes to process an income tax form.

WIP = R x T

Where: WIP = Work in progress; R = Rate; and T = Time

WIP = R X T or 64

WIP = 20T = 64

T = 64 / 20 = 3.2 days

Therefore, the average processing time per income tax form is more than 3 but less than or equal to 4 days.

6 0
3 years ago
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