Answer: Prior period adjustment resulting from the correction of an error.
Explanation:
The Cash basis method is not acceptable under both IFRS and U.S. GAAP accounting principles and these are the principles followed by the majority of the world so Lore Co. was using the cash basis in violation of both conventions which means that their accounting records before the change are considered wrong and full of errors.
In changing to the acceptable principles, they are correcting that error and need to adjust prior periods for that error as well.
<span>To examine the leaf of a plant, one should use a magnifying glass which holds a convex lens. A convex lens allows parallel light rays to pass through then refracts the rays so they meet on one principal point. This type of lens is useful in seeing something small.</span>
Answer:
$10,000
Explanation:
To calculate income tax expense we must add income liability for the year, minus the changes in deferred tax accounts and add the change in value for deferred tax assets.
income tax expense = $13,000 - ($20,000 - $15,000) + ($20,000 x 10%) = $13,000 - $5,000 + $2,000 = $10,000
Answer:
Spellberg Inc.
Ramon Frustration with monotonous job:
d. Job variety, good compensation, and independence
Explanation:
Ramon is tired of a monotonous job, he needs job variety. For lack of appreciation for hard work, he needs good compensation. To enjoy some level of independence, he feels the lack of freedom from his former role, so he needs a job that commanded job variety, good compensation, and independence. This is surely offered by a role in sales, where he will be meeting with a variety of customers with varying degrees of interaction. He is out to solve people's problems, and a role in sales is the best to meet this need.
<span>As the volume of financing increases, the costs of the various types of financing will increase, raising the firms weighted average cost capital. This happens because the firm will have to pay more in fees for their financing an that will be passed on to the firms weighted average cost capital.</span>
