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2 years ago

Explain the difference between (b) Expenses and losses.

1 answer:

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The primary distinction between expenses and losses is that costs are incurred in order to produce income, whereas losses are often associated with any other activity. the sale of an asset with a long lifespan for less than its book value. a negative verdict in a lawsuit brought against the business.

The cancellation of bonds that are payable at a cost higher than their carrying value An expense is a business's operational cost incurred to produce income. It may deduct tax-deductible expenses on its income tax returns. Either the cash basis approach or the accrual method is used by accountants to record expenses.

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Suppose management estimated the market valuation of some obsolete inventory at $99,000; this inventory was recorded at $120,000

nydimaria [60]

Answer:

a. Yes. I would propose an audit adjustment to the management estimate.

b. Appropriate Journal Entry:

Debit Cost of goods sold (Inventory Write-down) $28,000

Credit Inventory $28,000

To adjust the inventory to the net realizable value.

Explanation:

a) Data and Calculations:

Management estimated market value of inventory = $99,000

Record cost of inventory = $120,000

Recognized loss = $21,000

Auditor's estimate of inventory net realizable value = $71,000 ($78,000 - $7,000)

Required adjustment of inventory value = $28,000 ($99,000 - $71,000)

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3 years ago

Perfect elasticity and zero elasticity refer to the same event, which occurs when quantity demanded or quantity supplied change

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Answer:

Explanation:

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jolli1 [7]

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The term scrum turned into selected by the paper's authors because it emphasizes teamwork.

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