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1 year ago

A change from straight-line depreciation to double-declining-balance depreciation would be reported as__________.

1 answer:

8 0

A change from straight-line depreciation to double-declining-balance depreciation would be reported as a restatement of the prior period statements only.

The term depreciation refers to an accounting technique used to spread the cost of a tangible or physical asset over its useful life. Depreciation indicates how much of an asset's value has been used. It allows companies to generate income from the assets they own by making payments over a period of time.

Depreciation expense is apportioned to charge a reasonable portion of the depreciation amount for each accounting period over the expected useful life of the asset. Depreciation includes the depreciation of assets with a predetermined useful life.

Learn more about depreciation here:brainly.com/question/1203926

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What does the concept of limited liability posits?

Maksim231197 [3]

Answer:

see below

Explanation:

The concept of limited liability is a confirmation that a corporation's assets are liabilities are distinct from those of shareholders. The concepts safeguard the shareholder's private properties should a business fail to meet its obligations.

Limited liability states that the liabilities of a shareholder is limited to the extent of his capital contribution. If the event of a dissolution, a shareholder's losses are capped to the share contribution. Their personal properties cannot be used to pay business debts should the business's assets be inadequate.

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3 years ago

This question compares the effects of a tax cut on aggregate demand and aggregate supply. A tax cut of 150 is targeted to busine

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Answer:

Check the following explanation.

Explanation:

Ans a - Aggregate demand will increase by $150.

Ans b - Aggregate supply will increase by $50 in the first year.

Ans c - The aggregate demand impact is bigger.

Ans d - If the tax reduction is permanent then the aggregate demand and aggregate supply will be equal in 3 years.

Ans e - The aggregate demand increases by 120. The aggregate supply increases by 20. The aggregate demand impact is bigger. If the tax reduction is permanent then the aggregate demand and aggregate supply will be equal in 6 years.

6 0

3 years ago

Listed here are 20 control plans discussed in the chapter. On the blank line to the left of each control plan, insert a P (preve

sammy [17]

Answer:

Code Control Plan

____D_____1. Library controls

____P_____2. Program change controls

____D_____3. Fire and water alarms

____C_____4. Fire and water insurance

____C_____5. Install batteries to provide backup for temporary loss in power

____C_____6. Backup and recovery procedures

____P_____7. Service level agreements

____C_____8. IT steering committee

____P_____9. Security officer

____P_____10. Operations run manuals

____D_____11. Rotation of duties and forced vacations

____C_____12. Fidelity bonding

____P_____13. Personnel management (supervision)

____C_____14. Personnel termination procedures

____P_____15. Segregation of duties

____D_____16. Strategic IT plan

____C_____17. Disaster recovery planning

____P_____18. Restrict entry to the computer facility through the use of employee badges, guest sign- in, and locks on computer room doors

____P_____19. Access control software

____D_____20. Personnel development controls

Explanation:

P (preventive) controls protect against errors occurring.

D (detective) controls discover errors that have already occurred.

C (corrective) controls correct errors that have already occurred.

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3 years ago

Assume that a lessor applies the five criteria to a lease involving equipment and determines that a lease should be classified a

Vaselesa [24]

Answer:

Debit to Lease receivable for the sum of the cash payments over the term of the lease.

Explanation:

Lease payments are classified as an asset receivable to the lessor in the future. Hence we debit lease receivable.

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3 years ago

The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,690 5/31 Transf

liubo4ka [24]

Answer:

How many units are in process at May 31?

physical units ending WIP: 740

equivalent units WIP materials: 740

equivalent units WIP conversion: 296

Explanation:

We will add the beginning and started units, then subtract the trasnaferrd out to get the ending WIP inventory.

physical units:

beginning 490

started 1,650

transferred-out<u> (1,400) </u>

ending 740

Now we will multiply by the percentage of completion to get the equivlent units of WIP on each category:

<u>equivalent units for ending WIP:</u>

materials 740 x 100% = 740

conversion 740 x 40% = 296

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3 years ago