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2 years ago

The standards and rules that accountants follow while recording and reporting financial activities.

1 answer:

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Generally accepted accounting principles are the standards and rules that accountants follow while recording and reporting financial activities.

<h3>What is Generally accepted accounting principles?</h3>

A unified collection of accounting regulations, guidelines, and practices published by the Financial Accounting Standards Board is known as generally accepted accounting principles (GAAP) (FASB). When assembling their financial accounts, American public firms' accountants are required to adhere to GAAP.

Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.

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Thirst, a beverage manufacturer, markets its products using the same strategy worldwide. However, changes are made when implemen

mrs_skeptik [129]

Answer:

The correct answer is letter "D": Glocalization .

Explanation:

Glocalization is a combination of two words: <em>globalization </em>and <em>localization</em>. The term combined refers to companies with a global presence that adapt their products according to the culture of the area where they are. Usually, glocalization implies local advertisement to promote the familiarization of foreign among the local target customers.

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3 years ago

The employees of Neat Clothes work Monday through Friday. Every other Friday the company issues payroll checks totaling $37,000.

Allushta [10]

Answer:

June 30 Dr. Cr.

Salary Expense $14,800

Salary Payable $14,800

Explanation:

Total Weekly Salary Expense = $37,000

Number of working days in week = 5 days

Salary expense per day = $37,000 / 5

Salary expense per day = $7,400

As 3 days lie in July and year end is June 30

Number of days Accrued = 5 - 3 = 2 days

Salary Expense Accrued = 2 x $7,400

Salary Expense Accrued = $14,800

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3 years ago

A ______________________ is created each time the federal government spends more than it collects in taxes in a given year. budg

Alchen [17]

The correct option is (A) Budget deficit.

A budget deficit is created each time the federal government spends more than it collects in taxes in a given year.

<h3>What is budget deficit?</h3>

A budget deficit is created when expenditure exceeds income, therefore it can be a positive indicator for a country's finances.
The government often refers to spending as a "budget deficit" rather than income from businesses or individuals. Accumulated deficits are the basis of the national debt.
The two main causes of budget deficits are excessive government expenditure and a lack of sufficient revenue.
Tax reductions can result in a reduction in tax revenue, which can cause a budget deficit, or they might raise government expenditure above and above what it already receives in tax revenue.
Consider a simple example where the government earns $10 billion in revenue one year but spends $12 billion, resulting in a $2 billion deficit.

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2 years ago

A corporation issued 200 shares of its $5 par value common stock in payment of a $2,800 charge from its accountant for assistanc

murzikaleks [220]

The journal entry records the transaction by debiting the corporate expense by $2,800 and crediting the common stock by $1,000 with the remaining amount transferred to additional capital as $1,800.

<h3>What is a journal entry?</h3>

Journal entry is passed in the accounting books to record the financial transactions made by a company. It shows a dual effect on every transaction where one account is debited and another account is credited.

The charge from the accountant is an expense for the company, that is, $2,800, the issue of common stock for payment is the equity of the company, that is, $1,000 and the excess amount left should be treated as additional capital in excess of par, that is, $1,800.

The journal entry is as follows:

Particulars Debit Amount Credit Amount

Corporate expenses $2,800

Common stock (200 shares X $5 ) $1,000

Additional capital ($2,800-$1,000) $1,800

Therefore, the journal entry is passed by making a debit of $2,800 to corporate expenses and a credit of $1,000 in common stock as well as $1,000 in additional capital.

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2 years ago

"Your team is allocated a project involving a major client, the Beswick Company. Although the organization has many clients, thi

ser-zykov [4K]

Answer:

B. a high degree of centrality

Explanation:

According to the model of power, there are four contingencies of power which are; <u>centrality</u> ,substitutability, visibility and discretion and each may be high or low within the organization, depending on the scenario.

Centrality refers to <u>how dependent others are, on the person or group holding power, and to what extent the actions of those holding power can affect the people depending on them.</u>

The higher the number of people dependent on the power holder, the higher the degree of centrality.

Therefore, my team has a high degree of centrality because the work of several other teams are dependent on my team's performance.

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3 years ago