Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.
Given that there is a body of rules and procedures that guide the measurement and communication of financial accounting information.
We are required to give the name of the body that guide the measurement and communication of financial accounting information.
The body that guide the measurement and communication of financial accounting information is Generally Accepted Accounting Principles.
Generally accepted accounting principles (GAAP) basically refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board . Public companies in the U.S. have to follow GAAP when their accountants compile their financial statements.
Hence Generally Accepted Accounting Principles is the body of rules and procedures that guide the measurement and communication of financial accounting information.
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Trina will bring 4,500 for the transaction.
A financial transaction is one wherein one institutional unit makes a payment (gets a payment) or incurs a legal responsibility (receives an asset) stated in gadgets of foreign money. source booklet: SNA 3.16. cross References: Non-monetary transactions.
A financial institution transaction is any cash that acts in or out of your financial institution account. Varieties of financial institution transactions include cash withdrawals or deposits, tests, online bills, debit card prices, wire transfers, and loan bills.
Transactions have the following traits: Nested block shape is viable. Variables of the range of the native kind, waft, boolean, and string, and arrays of easy types (array of range, array of waft, array of boolean, array of string) can be used.
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Answer:
Murphy Company
The year in which Murphy recognizes the income is year 2.
Explanation:
As a cash basis taxpayer, Murphy Company reports income and deductions in the year that they are actually paid or received. Similarly, as a cash basis taxpayer, Murphy Company deducts expenses in the year the expenses are paid off, which is not necessarily the year they were incurred. The income for services of $9,000 rendered to a customer, for which payment was received on January 3, year 2, will be recognized in year 2 and not in year 1 when the services were performed.