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HACTEHA [7]
3 years ago
14

Which of the following statements includes the most useful guidance for practicing accountants concerning the FASB Accounting St

andards Codification.The Codification includes only FASB Statements.The Codification is the sole source of U.S. GAAP, for nongovernmental entities.The Codification significantly modified the content of GAAP when it became effective.An accountant can be sure that all SEC rules are included in the Codification
Business
1 answer:
leonid [27]3 years ago
6 0

Answer:

The correct answer is The Codification is the sole source of U.S. GAAP, for nongovernmental entities.

Explanation:

The US GAAP (Generally Accepted Accounting Principles) are generally accepted accounting principles, used by companies in the United States or listed on Wall Street. They cover a massive volume of standards, interpretations, opinions and newsletters and are prepared by the FASB (Directory of Financial Accounting Standards or Financial Accounting Standards Board), by the accounting union (the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC).

The USGAAP is the US equivalent of the International Financial Reporting Standards. They are very detailed, and reflect the atmosphere of litigation that prevails in the United States, which requires an increasingly detailed regulation. The USGAAP cannot deviate from the regulatory intraversion of the SEC.

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Do you know why sustainable business is important?
guajiro [1.7K]

Answer:

In short, sustainability in business refers to the effect that companies have on the environment or society. A sustainable business strategy aims to positively impact one or both of those areas, thereby helping address some of the world's most pressing problems, such as climate change and income inequality.

Explanation:

yeah

8 0
3 years ago
On the basis of this information, which of the following statements is CORRECT? a. Prestopino's cash on the balance sheet at the
mylen [45]

Answer:

b. Prestopino had negative net income in the current year

Explanation:

Retained earnings at the end of previous year were $700,000, but retained earnings at the end of current year had declined to $320,000.

• The company does not pay dividends.

• The company's depreciation expense is its only non-cash expense; it has no amortization charges.

• The company has no non-cash revenues.

• The company's net cash flow (NCF) for current year was $150,000.

On the basis of this information, which of the following statements is CORRECT? Prestopino had negative net income in the current year

Prestopino DECPRECIATION expense in the current year was less than $150,000 and Prestopino had postive net income in the currnet year however, this income was less than it was in the previous year income.

Prestopino NCF in the current year must be higher than its NCF in the previous year and it cash on the balance at the end of the year must be lower than the cash it had on the balance sheet at the end of previous year

8 0
3 years ago
the ending balance of the retained earnings account appears in group of answer choices only the statement of stockholders’ equit
evablogger [386]

The ending balance of the retained earnings account appears both in the statement of stockholders’ equity and the balance sheet.

<h3>Where does retained earnings appear?</h3>

Retained earnings is the profit left after dividends have been paid. It is the profit that is not paid out to shareholders as dividends.

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time. The retained earnings appears in the equity section of the balance sheet.

The statement of stockholders’ equity records the owners equity and changes to the owners equity during a financial year.

The income statement records a company's income and expenses in a financial year. It is used for determining if a firm is operating at a profit or a loss.

To learn more about income statement, please check: brainly.com/question/9060570

#SPJ1

5 0
2 years ago
psc 41 Assuming that the claim is correct - that a large vocabulary is associated to a large income - generate an alternate expl
Hitman42 [59]

Answer:

Lower-income people can have a large vocabulary as well, because of a variety of circumstances. To list a few:

The low-income person may have a job that includes a constant contact with highly-educated people.

The low-income person may himself be a well-educated person who holds a job that does not pay a lot, for example: librarian, or social worker.

The low-income person may live in an area with a great degree of demographic diversity, and even by fluent in several languages because of that. This is common in merchants, who may own a small business that only pays enough to survive, but who have a great degree of contact with many sorts of people.

5 0
2 years ago
How does the trade benefit the society?
alexdok [17]

Answer:

<em>Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.</em>

4 0
3 years ago
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