Answer & Explanation:
The fair value of our asset is $20000 and what we receive is a truck with $15000 market value and $5000 cash. So the transaction possesses commercial substance as the fair value and value received are same.
So assume if the transaction lacks the commercial substance (according to question) then the truck received must be recorded at fair value and must be offset against the truck which is exchanged for. The entry would be:
Dr Truck received @ Fair Value $15000
Cr Truck Sold $12000
Cr Profit on Disposal $8000
The above entry makes it clear that the entry to recognize the truck would be $15000. So the option D is correct.
Answer:
A,B,C are correct
Explanation:
Accounting involves collection and reporting of financial information of a firm. This includes information on financial position, profitability, , and cash flows of the business. This helps to make decisions on how to invest in the business, manage the business, or lend money to it and tracks business income and expenses. Among the choices, these three are correct;
- accounting information helps users make business and financial decisions .
- Accounting is a system that identifies, records, and communicates financial informationRevenues – Expenses = Net Income
- Accounting information is used throughout the year (NOT only at the end of a year when tax returns and financial statements are prepared) by businesses and individuals to help make financial decisions
Answer:
d. involves generating a plan and a critical analysis of that plan.
Explanation:
The devil's advocacy is a decision-making technique in which an individual in a group is permitted to become the critic in the decision that should be taken in near future. It prevents the group thinking and increased the high quality decision chances. Also it prevents in making expensive along with the risky decisions
So as per the given options, the option d is correct
Reflecting feelings I believe mark brainlest
Answer:
The ability of sellers to change the amount of the good they produce.
Explanation:
Price elasticity of supply: It is an economic measure to check the responsiveness of quantity supplied to the change of price. As per the law of supply, the supply of quantity increases with the increase in the price of goods and services and vice versa. The numerical value of elasticity indicates how is the response of quantity supplied to the price of the product. As zero indicates no response to the change in price and 1 indicate a higher response to the price of the product.
The key determinant of the price elasticity of supply is how well the seller is able to change the quantity supplied as per the price in the market.
