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1 year ago

noncash items, nonoperating items, and changes in current assets and liabilities are necessary adjustments to

1 answer:

5 0

Noncash items, nonoperating items, and changes in current assets and liabilities are necessary adjustments to <u>net income</u>

In accounting, noncash objects are monetary gadgets which include depreciation and amortization which can be protected inside the enterprise' internet profits, but which do now not have an effect on the coins go with the flow.

Those non-coins sports may additionally include depreciation and amortization, in addition to obsolescence. Property, plant and gadget resides on the balance sheet. Those items are taken at the earnings assertion in small increments called depreciation or amortization.

They ought to be incorporated within the assertion of coins flows in a phase classified, "Significant Noncash Transactions."

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Mechanisms that enforce discipline over !nancial reporting quality least likely include:A)counterparties to private contracts.B)

Dafna11 [192]

Answer:

B) Accounting standard-setting bodies.

Explanation:

Accounting standard-setting bodies issue financial reporting standards but do not impose compliance with them. Securities regulators and counter parties to private contracts are among the mechanisms that discipline financial reporting quality.

6 0

4 years ago

Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $9,300 (that had cost $6,873) and accepted the c

zheka24 [161]

Answer:

Dr Apr 08 Cash $8,928

Dr Credit Card Expense $372

Cr Sales $9300

Apr 08 Cost of goods sold $6,873

Merchandise inventory $6,873

Dr Apr 12 Accounts receivable- Continental $4,875

Dr Credit card expense $125

Cr Sales $5,000

Dr Apr 12 Cost of Goods Sold $3,240

Cr Merchandise Inventory $3,240

Explanation:

Levine CompanyJournal entries

Date General Journal Debit Credit

Dr Apr 08 Cash $8,928

Dr Credit Card Expense $372

(4%×9300)

Cr Sales $9300

Apr 08 Cost of goods sold $6,873

Merchandise inventory $6,873

Dr Apr 12 Accounts receivable- Continental $4,875

Dr Credit card expense $125

(2.5%×5000)

Cr Sales $5,000

Dr Apr 12 Cost of Goods Sold $3,240

Cr Merchandise Inventory $3,240

4 0

3 years ago

QUESTION 5 Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not ne

frosja888 [35]

Answer:

The correct option is A,certificate of deposit

Explanation:

Money market account is an interest yielding account with commercial bank or other financial institution but can be accessed anytime by Tamara,hence it is not the best option available.

The same of funds being accessible is also applicable to saving and checking accounts,as a result it is only investment in certificate of deposit that meets Tamara's requirement,which implies option is the perfect option.

7 0

3 years ago

Nakatomi Corporation produces 10,000 units of Product A at a cost of $20 per unit. A detailed breakdown of the cost is below. Ch

lubasha [3.4K]

Answer:

$120,000

Explanation:

Calculation for the total relevant cost of producing the units internally

Using this formula

Total relevant cost = Variable costs per unit*Units Produce

Let plug in the formula

Total relevant cost=$12 per unit* 10,000 units

Total relevant cost=$120,000

Therefore the total relevant cost of producing the units internally will be $120,000

5 0

4 years ago

An accountant’s standard report on a compilation should state that the accountant

drek231 [11]

Answer:

A, Has not audited or reviewed the accompanying financial statements.

Explanation:

It is important that an accountant states that the financial statements of a compilation hasn't been reviewed so as to avoid a situation wherein the financial statement is not in accordance with accounting principles of the country, e.g United states.

An accountant is meant to just prepare financial statements for an organization without going against the accounting principles while management is responsible for presentaion of the financial statements.

Cheers. i hope this helps

6 0

4 years ago