The ethical decision framework is useful for providing guidance to the manager.
<h3>What is an ethical decision framework?</h3>
This is the document that gives a provision of the steps that have to be taken by an organization when they are faced with ethical dilemmas.
The answer to this question is true. The framework is useful for the provision of guidelines.
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Answer:
B) As a gain on retirement of the bonds
Explanation:
A corporation should record a gain on retirement of bonds when it buys back bonds that it has issued before at a lower price than the recorded liability (par value).
Since the parent company consolidated its financial records with the subsidiary, any bond issued by the subsidiary is considered as being issued by the parent company.
Answer:
A. Is generally accepted for external reporting because it gives more useful information.
Explanation:
Accrual Basis of Accounting states that: Transactions should be recorded when they are entered into, irrespective of cash settlement done or not.
For Eg: 'Sales' would be recognised & recorded when goods are sold & debtor's obligation / liability to pay has been established, whether cash has been received or not.
This basis of accounting provides a clearer picture of enterprise' performance during an accounting period (i.e financial year), by providing for the real expenses & revenues of that period only.
Eg: Outstanding Expense (due but not paid) if ignored on cash basis - would lead to underestimation of expenses & overestimation of profit.
So, Accrual System is generally accepted because it is more 'Relevant' i.e more useful to Accounting information users.
