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3 years ago

To maintain public confidence and trust in the financial reporting of companies is the purpose of

Business

1 answer:

irakobra [83]3 years ago

8 0

Answer:

The answer is: the Sarbanes-Oxley Act of 2002

Explanation:

The Sarbanes-Oxley Act (SOX) was elaborated in response to several high profile corporate scandals involving multinational corporations. The most infamous scandal involved Enron Corporation and Arthur Andersen LLP (one of the five largest accounting corporations in the world).

The SOX set new requirements for all publicly traded corporations (especially their upper management) an public accounting firms. Only some parts of the SOX apply to private companies.

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2) The costs of direct materials are classified as: B) C) D) A) Choice A B) Choice B C) Choice C D) Choice D Conversion cost Yes

RoseWind [281]

Answer:

Manufacturing cost , Prime cost

Explanation:

The direct materials are used in production and can be directly traced to the cost object.Thus direct materials are manufacturing costs and prime cost of a cost object.

5 0

4 years ago

The revenue recognition principle states that companies typically record revenue:_____.

Olin [163]

The revenue recognition principle states that companies typically record <u>revenue in the period in which they provide goods and services to the customers</u>.

The revenue recognition principle approach that agencies' sales are diagnosed while the product or service is taken into consideration and introduced to the customer — now not when the cash is acquired

The revenue recognition precept states that sales should be recognized and recorded while it is realized or realizable and when they are miles earned. In different phrases, groups shouldn't wait till sales are really accrued to document it in their books. revenue needs to be recorded when the business has earned the revenue.

According to usually accepted accounting principles, for a company to document revenue on its books, there needs to be a vital occasion to signal a transaction, including the sale of products, or a contracted mission, and there needs to be a fee for the products or services that matches the said price or agreed-upon fee.

Learn more about revenue recognition here brainly.com/question/26275324

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6 0

2 years ago

When Padgett Properties LLC was formed, Nova contributed land (value of $358,500 and basis of $89,625) and $179,250 cash, and Os

lawyer [7]

Answer:Amount of Nova and Oscar's gain=$492,937.50

Explanation:

a)According to Land recorded for § 704(b) book capital account purposes, Land is recorded at fair market value. With this, the Padgett properties should record the land at $358,500

b)From the question, it is given that the basis of land is $89,625. Therefore, the Padgett Properties LLC's tax basis in the land is $89,625.

c)Amount of Nova and Oscar's gain.

Fair market value of Land $358,500

Basis of land $89,625

total $ 448,125

but Gain = Selling price of land - Fair value of Land x interest in partnership profits and capital

= $537,750 - ($358,500+$89,625 )

=($537,750 - $448,125 ) x 50% =$44,812.50

Total gain $448,125 + $44,812.50 =$492,937.50

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3 years ago

10. Stone Industries has three product lines: X, Y and Z. The following information is available: Product X Product Y Product Z

Trava [24]

The answer is 44,000

7 0

3 years ago

Beth was interviewing candidates for a sales position in her department after her last two sales consultants left the position b

mr_godi [17]

Answers: selective perception

Explanation: Beth's decision to hire only male sales consultants was as a result of the experiences she had with her previous female consultants. She believes male consultants are less likely to leave due to family issues that requires sorting out, or at least not as frequently as do the females. This is based on selective perception, a form of bias wherein we interpret information in a way that is consistent with our existing value, beliefs, emotions or experiences etc. It is defined as that which makes individuals process stimuli most relevant to their needs and evaluation. Several factors influencing selective perception include previous experience, attitudes, conditioning, gender, age, race and emotional state.

8 0

3 years ago