Answer:
$5,000
Explanation:
Under the accrual accounting method, revenue is recognized and recorded in the books once the recognition criteria is met i.e once the goods or service has been delivered.
Under this system as well expenses are recorded once incurred.
As such, the time of cash payment does not affect the recognition of revenue. When revenue is earned and cash is yet to be paid, the entries required are debit accounts receivable and credit revenue.
On payment of cash, the entries are posted between cash and accounts receivables.
- person working a part time job but seeking full time employment
-had a job but earns low wages
-people that have large families
-member of family with serious health issue
Answer:
E. January 1, 2017
Explanation:
Financial statements are prepared showing at least two years for the sake of comparability.
It will be important for the company in presenting its financial statement using the IFRS for the year ended December 31st 2018 to show the financial statements for the year ended 31st December 2017 as if it had always applied the IFRS.
The basic idea is to show in the financial statements the effects of adopting the IFRS from a preceding period in order for the entity to show the financial statement for 2017 and 2018 and be able to compare them having been prepared on the same basis.
Thus, the transition date will be the beginning of the preceding period when the IFRS was applied (1st Jan. 2017 oe 31st Dec. 2016).
I hope this explanation makes the concept easy to grasp.
Thank you.
Answer:
its black? or is it just mine
Explanation:
If an industry is perfectly competitive or monopolistically competitive, then the government has relatively little reason for concern about <span>the extent of competition. In a monopolistically </span>competitive market, products are differentiated by brand and quality but are not perfect substitutes due to this. Perfect competition is basically a theoretical market because the criteria to qualify has a perfect competitive market is hard to meet. The firms all set the price of their product and the market does not have any influence over it.
