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Nataliya [291]
1 year ago
5

Identify the accounting concept that was violated in each of the following situations.

Business
1 answer:
NISA [10]1 year ago
5 0

The typical accounting principles/assumption includes Accrual principle, Conservatism principle., Consistency principle, Cost principle, Economic entity principle, Full disclosure principle, Going concern principle, , Matching principle etc.

<h3>What are the correct concept for each of the following activities using the drop-down list?</h3>
  • Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the assumptions and land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. - The historical cost.

  • Atwell Corporation has not prepared financial statements for external users for over three years. - The periodicity assumption.

  • The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. - The realization principle.

  • Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. - Economic entity assumption.

Read more about accounting principles

brainly.com/question/23008273

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Match each component of a mortgage with its definition.
Ray Of Light [21]

Answer:

Fees-the additional costs a lender charged for processing a loan

Principal-The amount initially borrowed from a lender

Taxes-payments homeowners are required to make each year to the government

Down payment- the amount a borrower needs to have on hand to obtain a mortgage

Explanation:

6 0
3 years ago
Suppose 10 new hair salons open in this city. Would this have an effect on the supply and / or demand curves? Explain
vichka [17]

Answer:

it would have effects on the demand

Explanation:

this would have more affect on the demand because there are more people that want the Supply

4 0
2 years ago
What is the primary reason for analyzing sales history of the subject and comparable sales?
snow_lady [41]

The primary reason for analyzing the sales history of the subject and comparable sales is to Determine that flipping actions have not occurred.

The appraiser prepares a report stating the estimated market value of the property. An appraiser will perform a physical inspection of the property and review relevant information that may affect the value of the home, such as B. Square footage and the number of bedrooms.

The purpose of the evaluation is to state the reasons and scope of the evaluation order. H. Estimating defined values ​​for property division, or performing analysis or consulting work related to property decisions.

The term sales comparison approach refers to a property valuation method that compares a property to comparable or other recently sold properties in areas with similar characteristics. Realtors and appraisers can use the compare-for-sale approach when valuing properties for sale.

Learn more about sales here brainly.com/question/25743891

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8 0
1 year ago
In what way are electronic communications sometimes different from other business communications?
mrs_skeptik [129]

Electronic communications sometimes different from other business communications in a sense that they're more casual.

Answer: Option 2

<u>Explanation:</u>

Electronics communication as the name suggest is a mode of communication through electronic mediums such as e-mail, voice mail, messages, blogs and many more. Business communication on the other hand is an activity where knowledge is share between the people of various companies.

Electronic communications differ from business communications in a sense that they’re more casual. When employees or any other group of people interact via electronic medium, their engagement with other people is quite casual. Business communication on the other hand is quite professional and formal.

3 0
4 years ago
The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods
balandron [24]

Answer:

Aged Cheddar cheese & Bread prices fall because their has been a decrease in their demand.

Explanation:

Given : Aged Cheddar cheese & Bread having inelastic & elastic supply respectively ; Income tax increase decreases demand of both.

Income Tax is a direct tax whose incidence an impact lie on the same person & burden can't be shifted.

  • Increase in income Tax reduces the disposable income of consumers & as said - reduces demand of both the goods.
  • This tax burden can't be shared between sellers & buyers will not effect the supply side (unlike indirect tax - eg sales tax).

Elasticities of supply is just supply responsiveness to price change, is not relevant here.

So : Supply being same & decrease in demand (i.e leftwards shift in demand curve) creates Excess Supply at that price level, irrespective of supply elasticity. Excess supply creates competition among sellers and reduces the price.

6 0
3 years ago
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