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2 years ago

Companies must follow generally accepted accounting principles (gaap) for ______ accounting reports.

1 answer:

8 0

Companies must follow generally accepted accounting principles (gaap) for international financial reporting standards accounting reports

<h3>What are international financial reporting standards ?</h3>

The International Financial Reporting Standards (IFRS) are a group of accounting guidelines that specify which kinds of transactions and events must be disclosed in financial statements.
The International Accounting Standards Board created and maintains them (IASB).
The IASB wants the rules to be implemented consistently across the world so that investors and other users of financial statements may compare the financial performance of publicly traded firms with that of their worldwide peers on an equal footing.
More than 100 nations, including the European Union and more than two-thirds of the G20, currently utilize IFRS.
International Accounting Standards (IAS), which were more traditional standards that IFRS superseded in 2000, are occasionally mistaken with IFRS.

To view more about GAAP refer to:

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Tuscany Company estimated the following costs at the beginning of a particular year: Overhead $5,340,000 Direct labor cost $890,

solmaris [256]

Answer: $300,000

Explanation:

As overhead is applied on the basis of direct labor cost, the overhead rate for the period is:

= Overhead / Direct labor cost * 100%

= 5,340,000 / 890,000 * 100%

= 600%

If direct labor cost is $50,000 then overhead applied will be:

= Direct labor cost * Overhead rate

= 50,000 * 600%

= $300,000

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3 years ago

In 2016, global revenue for Amazon was ________ when measured in local currencies than it was when measured in dollars. This o

Shalnov [3]

Answer:

Lesser and fell relative to other currencies

Explanation:

This phenomenon is usually termed "Currency depreciation" a fall in the value of a currency in a floating exchange rate system.

The depreciation in 2016 occurred due to factors such as monetary policy, political instability and high inflation.

Amazon's global revenue was 135.99 billion US dollars in 2016, comparing the foreign exchange value in local currencies at that time will give a lesser value now.

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3 years ago

suppose that due to unfavorable growing conditions, this year’s global coffee crop was unusually small. what can we assume about

nekit [7.7K]

The short-run price elasticity of demand will be inelastic and the short-run price elasticity of supply will be inelastic.

Elasticity of demand measures the relationship that exists between price and quantity demanded.

Elasticity of supply measures how quantity supplied changes when there is a change in the price of a good.

Types of elasticity.

Elastic demand (supply): This means that demand (supply) is sensitive to price changes
Inelastic demand (supply): this means that demand (supply) does not respond to price changes. The coefficient of elasticity is less than one.
Unit elastic demand (supply): demand (supply) changes in equal proportion. The coefficient of elasticity is equal to one.

Factors that affect elasticity

The number of substitutes the good has: the more substitutes the good has, the more elastic demand is.
The length of time: demand (supply) is inelastic in the short run. In the short run, producers (consumers) do not have enough time to find suitable substitutes. In the long run, producers would have more time to search for suitable substitutes or shift to the production of other goods when compared with the short-run.
Ease of entry or exit into an industry: the more easy it is for firms to enter into an industry, the more elastic supply would be.

To learn more about elasticity of demand, please check:

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2 years ago

Which of the following is not an economic goal that influences how societies answer the three key economic questions?

Nadya [2.5K]

I believe the answer is: D. patriotism

Patriotism is the act of showing vigorous support to our own country . The support that shown in patriotism does not revolve around financial decision, but more to how our country is perceived in its foreign nation relative to the other countries.

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2 years ago

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How can money in a savings account grow

Masteriza [31]

The bank puts interest in your account because they take sum of it to loan to ppl and it’s goes through a lot and comes back to your account and then sum

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2 years ago