All categories

2 years ago

Identify the accounting assumption, principle, or constraint that describes each situation. do not use an answer more than once.

Business

1 answer:

san4es73 [151]2 years ago

7 0

These are the accounting assumption:

Expense recognition principle: Charges are allocated to revenues at the appropriate time.
Measurement principle: Changes in fair value that occur after purchase are not reported in the accounting.
Full disclosure principle: Requires the reporting of all important financial information.
Going concern assumption: Justification for not reporting plant assets at their liquidation value.
Economic entity assumption: Recommends that personal and professional records be kept separate.
Periodicity assumption: Divides financial data into time periods for reporting reasons.
Monetary unit assumption: reported using the dollar as the "measuring stick," according to the monetary unit assumption.

Accounting assumptions are a set of guidelines that guarantee an organization's business operations are carried out effectively and in accordance with the standards established by the FASB (Financial Accounting Standards Board), laying the foundation for reliable, consistent, and valuable financial reporting.

#SPJ4

You might be interested in

Viral marketing strategies have always been developed with the assumption that the company would communicate with potential cust

lara31 [8.8K]

Answer: False.

Explanation:

Viral marketing is a form of marketing where information about a product or brand is made to spread very quickly among a consumers within a short period of time, with the aim that the popularity of the product would increase sales. In viral marketing the company is not directly involved in communicating with their customers, but rather communication is done on their behalf.

4 0

4 years ago

At its present rate of output, Barrel O' Biscuits, a perfectly competitive firm, finds that its marginal cost exceeds its margin

Delvig [45]

Answer: Reduce output

Explanation:

According to the given question, the barrel O' Biscuits is one of the type of perfectly competitive organization in which its overall marginal cost increasing the company's marginal revenue.

For maximizing the profit of an organization then we should reduce the output as in the perfect competition the company majorly affected the output only and for shift the overall marginal cost of the company we reducing the output.

Therefore, Reduce output is the correct answer.

3 0

3 years ago

What does rush shipping to boulder, co cost for orders less than $20?.

alex41 [277]

For order less than $20, some establishment offer a $4 rushed production option. Although some other establishment might offer different prices depending on the amount of order.

<h3>What is Rush Shipping?</h3>

Rush shipping or rush orders are purchase of goods that need to be taken care of or sorted out and delivered by a much sooner date. This particular date is not the standard date for the particular goods to be shipped but because of circumstances, they are delivered before the standard arrival due date.

Normally, using a rush shipping order is a special request and because of this the price might vary from the normal prices. They are special orders.

Learn more about Rush Shipping here:

brainly.com/question/24920251

3 0

3 years ago

Bourne Incorporated reports a cash balance at the end of the month of $2,445. A comparison of the company's cash records with th

muminat

Answer and Explanation:

The journal entries required to adjust the balance of cash as follows:

1. Cash Dr $1,128

To Notes receivable $1,100

To Interest revenue $28

(Being the cash is recorded)

Here cash is debited as it increased the assets and credited the notes receivable and interest revenue as it decreased the assets and revenue

2. Service expense Dr $78

Account receivable Dr $280

To cash $358

(being the cash paid is recorded)

here service expense and account receivable is debited as it increased the expenses and assets and credited the cash as it decreased the assets

4 0

3 years ago

The severity of an electrical shock is dependant upon what three things?

ohaa [14]

The severity of an electrical shock is dependant upon :

- Amperage : How strong the electrical shock that you exposed to

- Duration of the exposure : The longer the duration, the more dangerous it is for your body

- The pathway of electricity to your body : The closer to the important area of your body such as brain or heart, the more dangerous it is

3 0

4 years ago

Read 2 more answers