Answer:
Most changes in accounting principles are only reported in current periods when the principle change takes place.
Explanation:
Accounting principle can be defined as a general guideline to be followed by accountants or financial institutions when they record and report their financial transactions.
A change in an accounting principle involves a change in an accounting method used.
For instance, an accountant switching between First In, First Out (FIFO) to Last In, First Out (LIFO) method of inventory valuation or by using another depreciation method.
Additionally, an accounting principle should only be changed, if it's applicable to the accounting framework being used such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
Also, it is important to state in the footnotes of the financial statements a full disclosure to highlight the justification for the preferred change and financial implications of this change.
The following are true about the change in accounting principles;
1. Most changes in accounting principles are retroactively reported.
2. Changes in accounting principles are allowed when new principles are preferable to old ones.
3. Consistency is one of the biggest concerns when a change in accounting principle is undertaken.
Answer:
$1,067,477.62
Explanation:
A fix Payment for a specified period of time is called annuity. The discounting of these payment on a specified rate is known as present value of annuity.
Formula for Present value of annuity is as follow
PV of annuity = P x [ ( 1- ( 1+ r )^-n ) / r ]
PV of annuity = $100,000 x [ ( 1- ( 1+ 8% )^-5 ) / 8% ]
PV of annuity = $1,067,477.62
According to my calculations, in order to be able to withdraw $100,000 from an annuity earning 8% at the end of each of the next 25 years, the amount you would need to deposit now would be $1,067,477.62.
The appropriate response is Evasion graph. A strategy created before executing a battle mission, that is planned to enhance a potential dodger's odds of effective avoidance and recuperation by furnishing recuperation powers with an extra wellspring of data that can build the consistency of the Dodger's activities and development. Additionally called EPA.
The total of his assets is $959
<u>Explanation:</u>
assets - liabilities = net worth
assets = net worth + liabilities
assets = 500 + 459
assets = $959
Therefore, the total of his assets is $959
Answer:
Car payment
Explanation:
Car payment when you purchase the car
no matter how sales or production change,
Your payments on the car be weekly or monthly will always be the same.
Hope this helped!
