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skad [1K]
3 years ago
15

Which of the following statements is INCORRECT? A : Faithful representation results when different companies use the same accoun

ting principles and methods. B : An item is material when its size makes it likely to influence the decision of an investor or creditor. C : The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions. D : Faithful representation means that information is complete, unbiased, and free of error.
Business
1 answer:
Oxana [17]3 years ago
8 0

Answer: A : Faithful representation results when different companies use the same accounting principles and methods.<u> Is INCORRECT.</u>

Explanation: All statements are correct except for A because Faithful representation means that information is complete, unbiased, and free of error regardless of the accounting methods used. Faithful representation means that the numbers reflect reality.

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The average cost of production for a bottle of vitamin water in the industry is $4 while its average price is $7. StoreAll Inc.
VMariaS [17]

Answer:

The correct answer is option A.

Explanation:

The average cost of production for a bottle of vitamin water in the industry is $4 while its average price is $7.

StoreAll Inc. manufactures the same product for $3 per bottle and sells it for $7 per bottle.

The store Inc manufacturers is able to produce at a lower cost than the other firms. This implies that it has a competitive advantage in the production of mineral water.

Competitive advantage refers to the conditions that help a firm outperform its competitors.

8 0
3 years ago
All of the following are ways to calculate different versions of ROI​ except: A. Return on sales x investment turnover B. Income
Virty [35]

Answer:

The answer is D

Explanation:

The formula - Revenues​ / Total Assets is not one of the ways to calculate Return on Investment (ROI)

Return on Investment (ROI) is a ratio

net profit to cost of investment(total money invested the project or compnay)

The numerator must be profit while the denominator must be related to cost of Investment.

In all of the options, it is only option D that has revenue(sales) as the numerator which makes it automatically wrong.

7 0
3 years ago
A manufacturer of lawn care equipment has introduced a new product. The anticipated demand is normally distributed with a mean o
Serjik [45]

Answer:Expected profit = $2657a

Explanation:

5 0
4 years ago
When it comes to saving money, what is a good rule of thumb
Mamont248 [21]
Buy what u need when u need it not what u want when u want my dad always said

7 0
3 years ago
Read 2 more answers
When Corinne asked why she didn't get the job, the manager replied, "I needed someone who understood basic accounting practices
OLga [1]

Answer:

The aspect of career readiness the manager feel Corinne was lacking was Knowledge

Explanation:

Career readiness is the preparation and process of acquiring skills, knowledge, talents that are required to start a career, maintain one's position in such career and grow.

The aspect of career readiness the manager feel Corinne was lacking was Knowledge because see made a statement that implied that Corinne lack basic understanding of accounting practice.    

Knowledge  is an aspect of career readiness that has to do with the theoretical or practical  understanding of a subject matter. It is the information, skills and facts gained through experience and education.

Other skills that are acquired in the process of career readiness are communication skills, human relation skills, critical thinking skills etc.

5 0
3 years ago
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