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3 years ago

Identify the level of the literature hierarchy for u.s. gaap to which each item belongs

Business

1 answer:

kompoz [17]3 years ago

7 0

A. Industry Practice - 3

B. FASB Concept Statements - 3

C. Codification - 1

D. Textbooks - 3

E. Authoritative rules and principles for U.S. GAAP for similar transactions - 2

F. International Financial Reporting Standards (IFRS) - 3

G. SEC rules and interpretive releases - 1

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A construction company entered into a fixed-price contract to build an office building for $28 million. Construction costs incur

Radda [10]

Answer:

$3.2 million

Explanation:

The revenue and gross profit or loss which the company identify in the first and second year if it recognizes revenue upon contract completion is calculated below.

Total costs = Incurred costs + estimated costs to complete = $8 million + $12 million = $20 million

Revenue to recognize = $8m/$20m*$28m = $11.2 million

Gross Profit = Revenue recognized less costs incurred

= $11.2m - $8m = $3.2 million

4 0

3 years ago

Unfortunately, Angie doesn't have enough money in her account right now. She needs to make additional contributions at the end o

SIZIF [17.4K]

Answer: $770.22

Explanation:

If she makes equal contributions then those would be annuities. The $9,000 she wants to have will be the future value of the amount currently in her account and the annuity.

9,000 = 5,000 ( 1 + r) ^ n + ( annuity * future value interest factor of an annuity, 9%, 3 years)

9,000 = 5,000 ( 1 + 9%) ^ 3 + ( Annuity * 3.2781)

9,000 = 6,475.145‬ + 3.2781 * Annuity

Annuity = (9,000 - 6,475.145‬) / 3.2781

Annuity = $770.22

4 0

3 years ago

The economic problem of _____ arises because human wants and desires are unlimited and the means to satisfy these wants are limi

raketka [301]

Answer:

Insatiation

Explanation:

Insatiation is an economic problem which arises as a result of human wants and cravings being limitless with a limited means of satisfying these wants

Economic problem of insatiation can be solved when there are also unlimited means of satisfying the limitless wants and desires of human

4 0

4 years ago

ou have just read an explanation of the figures you studying as the total dollar value of final goods and services produced with

Shalnov [3]

Answer:

REAL GDP

Explanation:

GDP typically used as a variable to measure a nation's economic strength within a certain time period. But often time, the value of GDP is a little bit jaded. If the inflation is high, an increase in GDP doesn't really mean that the country become more productive.

This is why there are many experts prefers to use REAL GDP as a more accurate unit to measure the economic strength.

7 0

3 years ago

In the tiered architecture, the erp application is stored on the ________ tier

MissTica

The erp application is stored on the business logic tier in tiered architecture.

<h3>What is an erp application?</h3>

Also called a Enterprise resource planning software, involves the use of software, technologies and systems to manage and integrate their core business processes.

As the tiered architecture is concerned, the erp application is stored on the business logic tier.