All categories

1 year ago

The body of rules and procedures that guide the measurement and communication of financial accounting information is known as?

1 answer:

3 0

Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.

Given that there is a body of rules and procedures that guide the measurement and communication of financial accounting information.

We are required to give the name of the body that guide the measurement and communication of financial accounting information.

The body that guide the measurement and communication of financial accounting information is Generally Accepted Accounting Principles.

Generally accepted accounting principles (GAAP) basically refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board . Public companies in the U.S. have to follow GAAP when their accountants compile their financial statements.

Hence Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.

Learn more GAAP at brainly.com/question/17895474

#SPJ4

You might be interested in

Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 an

aleksley [76]

Answer:

$11,300

Explanation:

The computation of the deferred tax asset is shown below:

= 21%(20X2 Expense) + 25%(20X3 and 20X4 Expense)

= 21%($30,000) + 25%($15,000) + 25%($5,000)

= $6,300 + $3,750 + $1,250

= $11,300

3 0

3 years ago

Researchers have ridden alongside motorcycle enthusiasts to understand the relationship between riders and their beloved Harley-

MArishka [77]

Answer:

c. ethnographic

Explanation:

The researcher who has ridden alone side the motorcycles enthusiast to understand the relationships between the riders have studied them interms of the ethnographically as to understand the beloved relationships they share with the Harvey Davidson and understand their brand loyalty.

The researchers thus tried to find and created a relationship between the bike riders groups that consider them as the premium class and share their experiences of vehicle.

6 0

2 years ago

ABC Company leased equipment to Best Corporation under a lease agreement that qualifies as a finance lease. The cost of the asse

alexandr402 [8]

$12120 is the annual amortization expense

Explanation:

The following formula is used to calculate the annual depreciation expense that will be recorded in the books of accounts

Depreciation = ( cost of the asset minus salvage value) divide by number of years.

Given data in the question: number of years = 10, cost of the asset = $124000, salvage value = $28000

Putting the figures in the formula,

Depreciation expense = ($124000 minus $28000) divide by 10

After solving, we get = $12120

Thus, annual depreciation expense = $12120

7 0

3 years ago

Wichasha, an african country, exports barley and cotton worth $100 million to illema, a european country, and it imports sugarca

max2010maxim [7]

Answer: Balance of Trade

Explanation:

Balance of trade is the difference between the value of exports from a country and the value of imports into the country. When the value of exports is greater than imports, the balance of trade is positive and the country has a trade surplus. While, when the value of exports is less than the value of imports, the balance of trade is negative and the country has a trade deficit.

In this case, Wichasha's exports is higher than the total value of its imports so, it has a trade surplus or positive balance of trade.

7 0

3 years ago

Robert Necco and Nelson Packard are economists at Economic Research Associates. ERA asks Necco and Packard for their opinions ab

Lorico [155]

Answer: B) Correct Incorrect

Explanation:

Whilst it was generally believed at some point that raising taxes and Government Spending by the same amount would have no effect, research has disproven this thought.

This is because it was shown that an increase in Government Spending leads to a larger increase in GDP than an increase in taxes reduces it.

This is because when the Government spends money, the Multiplier effect of Government Spending is always 1 more than that of the Taxes therefore raising taxes and spending by the same amounts still increases the Real GDP because Government Spending will create more income than taxes will take.

Necco is right, Packard is wrong.

8 0

3 years ago