1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
aliina [53]
3 years ago
8

Larry owns a successful business called Super Car-Hire. He plans to sell it to Bob. Bob assumes that he can keep up the high rev

enues if he can plan and execute the mission of the business well. Which of the following basic accounting concepts is reflected in Bob's assumption?
A. The business entity ideaB. The going concern expectationC. The accounting equationD. The revenue and expense premise
Business
1 answer:
Lubov Fominskaja [6]3 years ago
6 0

Answer:

B is the correct option.

Explanation:

This principle follows the assumption that a company will remain in business in the future. It means that the business will not have to halt operations or to liquidate the assets in the future. According to this principle, the accountant postpones the recognition of some expenses till a later period, and in that period the company will be in business will be effectively using the assets. It is a very important concept, without this, the company will not be able to prepay the expenses.

You might be interested in
The repair shop owner feels that he is losing many customers needing routine repair because of the long wait. He dedicates one h
a_sh-v [17]

Answer:

This question highlight regarding finding out the Flow time which were given as - Inventory / Time.

The repair shop is now dedicates that one elevator for routine and one for key. Now compute the Flow time for both cases.

Case 1: - For Routine Repairs: -

Inventory = 5

Time = 3 per hour.

Therefore, the Flow Time = Inventory / Time = 5/3 = 1.67 hours

Thus, the cars wait time at an average of 1.67 hrs. before being served at routine repairs.

Case 2: - For Major Repairs: -

Inventory = 3

Time = 1 per hour.

Therefore, Flow Time = Inventory / Time = 3/1 = 3 hours

Thus, the cars wait time at an average of 3 hrs. before being served at major repairs.

6 0
3 years ago
The Harleysville Manufacturing Shop produces motorcycle parts. Typically, 10 pieces out of a job lot of 1,000 parts are spoiled.
Murrr4er [49]

Answer:

B

Materials Control $ 250

Manufacturing Overhead Control $1,000

              Work-in-Process Control $1,250

Explanation:

spoilage rate: 10/1000 = 0.01=1%

the job requires 2,500 goods parts

total part required (considering spoilage)

\frac{requirement}{1-spolage} =$total needs

2,500 /(1-0.01) = 2500/ 0.99 = 2525.2525 = 2525

2525-2500 = 25 spoilage part

<u>Note:</u>

in this case you may think you can simple do 2,500 x 0.01

But if the spoilage rate is high or the amount of high is, then you will have an answer different than the correct method. Stick to the formula given.

25 part x 50 = 1,250

From the work in process, we will subtract this value, we will increase the spoilage materials inventory and charge the diference as actual overhead.

b.

Materials Control $ 250

Manufacturing Overhead Control $1,000

              Work-in-Process Control $1,250

4 0
3 years ago
Velco purchased a delivery truck at the beginning of Year 1 at a cost of $60,000. The truck is estimated to have a useful life t
Alenkinab [10]

Answer:

$10,000

Explanation:

Depreciation of an asset is the systematic allocation of estimated cost to an asset over time. It is added over the years to get the accumulated depreciation that is netted off the cost to get the net book value.

It is given as

Depreciation = (Cost - Salvage value)/Estimated useful life

Depreciation expense for Year 1 (the first year of the asset's life) under the straight-line method would be

= ( $60,000 - $10,000 ) / 5

= $50,000/5

= $10,000

5 0
2 years ago
Tru or false? the older traditional form of management structure is the horizontal organization
Tamiku [17]
The answer is false.
7 0
3 years ago
A wealthy individual has set up a grat. should she die during the time the trust is active, how are the remaining assets in the
Leto [7]

A wealthy individual has set up a grat. should she die during the time the trust is active, the original value plus any appreciation is taxed as part of the grantor's estate.

Taxes are mandatory contributions levied on individuals or groups through a central authority entity—whether or not neighborhood, local, or countrywide. Tax sales finance authorities sports, together with public works and offerings which includes roads and colleges, or programs including Social security and Medicare.

A tax is a mandatory fee or financial rate levied by using any authority on a man or woman or a company to accumulate revenue for public works supplying quality facilities and infrastructure. The amassed fund is then used to fund different public expenditure applications.

Learn more about tax here:brainly.com/question/26316390
#SPJ4

4 0
2 years ago
Other questions:
  • Bismite Corporation purchases trees from Cheney lumber and processes them up to the splitoff point where two products (paper and
    15·1 answer
  • In building a marketing presence on F a c e b o o k, you find that you have to spend a lot of time copying content from your T w
    8·1 answer
  • He degree to which an organization achieves a stated goal rehttps://.com/35621172/mgt-3013-ch-2-flash-cards/
    9·1 answer
  • The City of Sycamore has investments in bonds. These bonds have an amortized cost of $1,997,000. At year end, the financial pres
    14·1 answer
  • A referee at an american football game issues a decision against the red team and in favor of the blue team. a controversy ensue
    9·1 answer
  • In general, trademark protection prevents another firm from using the same or a similar name, logo, or other identifying charact
    14·1 answer
  • Morganton Company makes one product and it provided the following information to help prepare the master budget: The budgeted se
    10·1 answer
  • Which method are managers using when they use their judgment to classify costs as​ variable
    11·1 answer
  • Calculate Bad Debt Expense and net income for each of the three years, assuming uncollectible accounts are estimated as 1.60% of
    5·1 answer
  • According to McClelland's research, the need for achievement is
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!