Answer:
True
Explanation:
In the given statement, it was stated that there was a briefing online about the possibility of terrorist activities. She read the news and understood its meaning. The insurance company is also aware of the news online. Therefore, the insurance company will not take any responsibility for the losses that might occur while she opens her shop.
Answer:
During the interview, you need to ask questions about the background of the company and the challenges that the company faces when they have employees from different cultural backgrounds. Evaluate the responses and summarize your findings.
The amount that Course Co. should report as a liability for accrued interest on its December 31, 2021 balance sheet is $240.
<h3>What is accrued interest?</h3>
Accrued interest is an accounting expression that shows a liability for interest payment has been incurred for a loan but the payment has not yet been made.
For Course Co., it incurs accrued interest of $240 every quarter for the three-year note payable. Usually, the accrued interest is paid at the beginning of the next quarter.
<h3>Data and Calculations:</h3>
3-year note payable = $16,000
Rate of interest = 6% per year
Date of loan = May 1, 2020
Interest payment = quarterly or 4 times annually
Interest per quarter = $240 ($16,000 x 6% x 1/4).
Thus, the accrued interest on Course Co.'s December 31, 2021 balance sheet is $240.
Learn more about accrued interest at brainly.com/question/1542335
Answer:
Fairness of Equal Outcomes: Split his wealth evenly between Terry and Tonya, Leave his money to charity instead.
Fairness of Equal Opportunity: Leave Terry his entire wealth to offset the gap between him and his sister.
Fairness of Process: Tell his kids he will leave the money to whoever does the most to take care of him in his old age.
Fairness of what is deserved or earned: Leave his money to the child whom he thinks deserves the most money.
Question:
The use of the lower of cost or net realizable value (LCNRV) method to value inventory for reporting purposes is a departure from the accounting principle of:
A) Historical cost.
B) Matching.
C) Going concern.
D) Conservatism.
Answer:
The Right answer is A) Historical Cost.
Explanation:
Inventories are recorded at their cost. If inventory declines in value below its original cost, a major departure from the historical cost principle occurs.
Whatever the reason for a decline-damage, physical deterioration, obsolesce, changes in price levels, or other causes, a company should write down the inventory to Lower-of-Cost or Net Realizable Value (LCNRV) to report this loss.
A company abandons the historical cost principle when the future utility (revenue-producing ability) of the asset drops below its original cost.
Net Realizable Value refers to the net amount that a company expects to realize from the sale of inventory. Specifically, net realizable value is the estimated selling price in the normal course of business minus estimated costs to make a sale.
Example
Inventory Value - Unfinished $2,000
Less: Estimated Cost of Completion $ 50
Estimated Cost to sell <u>200</u> <u> 250</u>
<u>Net Realizable Value 750</u>
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