Answer:
The correct option is;
B. Companies use GAAP when preparing financial statements
Explanation:
Generally Accepted Accounting Principles (GAAP) are the guidelines with regards to the standards, principles, practices and procedures of financial statement compilation by accountants issued by the Financial Accounting Standards Board (FASB). It is a requirement that all publicly quoted companies make use of GAAP for their financial compilation.
GAAP comprises of the generally accepted accounting records reporting and recording methods as well as policy board standards of accounting procedures.
The statement above is TRUE.
Social mobility refers to the movement of individuals or families within or between social strata in a particular society. It means a change in social status relative to one's present location with a given society. Social mobility in US does not depend on where one start in the class system; one can come from the lowest class strata and become one of the richest individual and an individual from a very rich family can also end up as a p.auper. A lot of factors come to play in these situations.
Answer:
Finder's fee. good luck dude
Answer:
The correct answer is: Assumption of the risk.
Explanation:
If the risk inherent in a particular action that caused an injury is knowingly and voluntarily assumed, you cannot sue anyone to recover the damages. Suppose, for example, a situation in which he went to a friend's house and was warned about the use of the back door because the floor cover was seriously damaged and would not support a person's weight on it. If you have decided to ignore the warning and use the back door, the doctrine of risk taking will probably prevent the recovery of injuries sustained by a fall on that floor. The court will decide that you "assumed the risk" of such injury.
Profit Inc., a manufacturing firm, has purchased raw materials worth $10,000 on credit from its vendors. The business plans to settle the vendor’s full payment after two months. Under "current liabilities"section of balance sheet this account will be recorded as "account payable".
Answer: Option (B) is correct
<u>Explanation:</u>
Raw material purchased on credit from a vendor is a liability and it is shown under current liabilities in "accounts payable". Since raw material purchased on credit and payment is to be made after two months.
Payment due gives rise to liability. Now current liability is a company's short term obligations that are to be paid back within a year. Here the firm will have to make payment within two months to the vendor.
