That’s like the quarantine lol but just a bit higher
Answer:
1. Going concern
2. Economic entity
3. Monetary unit
4. Periodicitys
Explanation:
1. Since Jumbo's Restaurant is planning to close, the assumption of continuity (going concern) is no more applicable. This should be disclosed. Instead asset was still recorded at historical price which is misleading.
2. Gorloks Tax Services is an economic entity, and the property and assets of owners are not considered to be for the business. In this case the boat Sam bought was wrongly reported as an asset of the company.
3. Claim Jumpers when reporting the 5 trucks purchased must include a monetary value for them. The assumption of monetary unit states that all items reported on the balance sheet must be expressed in monetary terms.
4. Cobbler's Etc violated the assumption of periodicity which states the financial position of the business must be declared in a particular accounting period. Accounting period can monthly, quarterly, biannually, and yearly. The business should choose and accounting period and ensure financial position is reported for each of them. In this case financial reporting is not consistent with reporting happening after 14 months and before that 18 months.
There are monetary policy lags
<h3>What is monetary policy lags ?</h3>
The presence of temporal delays is one of the drawbacks of countercyclical monetary policy. The monetary authority must have time to recognise the need for action, take that action, and observe how that action affects economic activity. The time relationship between the resultant monetary series and the subsequent series of impacts of monetary operations is how Friedman defines "lag." He claims that economic circumstances are only affected by monetary measures after a "long and varied lag." Friedman makes a distinction between three fundamental lags: the administrative lag, the operation lag, and the recognition lag.
To learn more about monetary policy check the given linkhttps://brainly.in/question/6090122
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Answer: Hello your question is incomplete below is the complete question
answer :
1) attached below
2a) Increases by $25,176
Explanation:
1) Attached below is the contribution format income statement
<u>2a) Determine by how much the net operating income will change </u>
monthly advertising increment = $25,000
Assumed increase in division's sales = 16%
first step : determine increment in contribution margin of west division
= 313,600 * 0.16 = 50,176
change in net operating income = 50176 - monthly advert increment
= 50176 - 25,000 = $25,176 ( increases )
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