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elena55 [62]
4 years ago
10

Which of the following is a true statement about a request for a change in accounting method?A. Some requests are automatically

granted.B. Most requests require the permission of the Commissioner.C. Many requests require payment of a fee and a good business purpose for the change.D. Form 3115 is required to be filed with a request for change in accounting method.E. All of these are true.
Business
1 answer:
fiasKO [112]4 years ago
6 0

Answer: (E) All of these options are true

Explanation:

  The change in the accounting method is the process of changing the overall plan of the accounting in terms of gross income and the cash deduction. It is also change the material item in terms of treatment.

 The form 3115 is one of the application that required in the accounting method. This application is filed with the proper request to the IRS to change the accounting method. The IRS basically provide the automatic procedure for obtain the automatic consent for changing the method.

Therefore, Option (E) is correct.

 

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On the first day of the fiscal year, a company issues a $8,800,000, 7%, 10-year bond that pays semiannual interest of $308,000 (
andrezito [222]

Answer and Explanation:

The journal entry is shown below:

Interest expense $403,391

       To Cash $308,000

       To Discount on note payable $95,391

{($8,800,000 - $7,655,303) ÷ 12}

Here we debited the interest expense as it increased the expenses and credited the cash as it decreased the assets and credited the discount on note payable  

4 0
3 years ago
Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed marke
VARVARA [1.3K]

Answer:

-0.10

Explanation:

To calculate this, we us the formula for calculating elasticity of demand (E) relevant for the demand equation as follow:

E = (P / Q) * (dQ / dP) .............................. (1)

Where,

Q = 30

P = 90

E = -0.3

dQ / dP = b = ?

We then substitute all the value into equation (1) and have:

-0.3 = (90 / 30)  * b

-0.3 = 3 * b

b = -0.3 /3

b = -0.10

Therefore, appropriate value for the price coefficient (b) in a linear demand function Q is  -0.10.

NB:

Although this not part of the question, but note that how the linear demand function will look can be obtained by first solving for the constant term (a) as follows:

Q = a - 0.10P

Substituting for Q and P, we can solve for a as follows:

30 = a – (0.1 * 90)

30 = a – 9

a = 30 + 9 = 39

Therefore, the linear demand equation can be stated as follows:

Q = 39 – 0.1P

5 0
4 years ago
Consciousness is defined in your text as _____. A. an awareness of oneself and one's surroundings B. mental representations of t
Anastaziya [24]

Answer:

The correct answer is A. an awareness of one's self and one's surroundings

Explanation:

Consciousness is defined, in general terms, as the knowledge that a being has of itself and its surroundings. It can also refer to morality or the normal reception of stimuli from inside and outside by an organism.

There is debate about what exactly conscience consists of. In the area of artificial intelligence, the idea of creating machines or programs complex enough to give rise to an artificial consciousness has been worked on, but some have denied the possibility that a computer can give rise to something genuinely indistinguishable from a consciousness.

7 0
3 years ago
Categories of expenditures Gilberto and Juanita Jones live in Swarthmore, PA. Juanita's father, Lorenzo, lives in Sweden. For ea
kotegsom [21]

Answer:

a. Imports

b.Exports or Consumption

c. Consumption

d. Government Spending

e. Consumption.

Explanation:

a. if Gilberto buys Italian wine in the US that is part of consumption spending because the store that Gilberto buys from already imported the wine from Italy and paid all the costs that go with it but if Gilberto orders the wine from Italy that will be part of imports because the wine will have to be imported then have all those importing costs on it.

b. Juanitas father will be exporting the syrup if its from the US even though he might buy it online as he lives in Sweden .

c. Juanita will be part of consumption spending for goods and services as this will be part of the US GDP consumption spending.

d. This is part of government purchases as the government will spend on everything that includes repaving the high way.

e. Consumption spending because they are manufactured in the US and they are in the US therefore its part of the US purchases of goods and services.

8 0
3 years ago
Toll-free hotlines that companies set up to give employees a place to report misconduct are associated with which aspect of ethi
svlad2 [7]

The correct answer to this question is creating systems to monitor and implement ethical standards. Because here the company has taken an action of setting up toll free hotlines to enforce ethical standards. It <span>talks about establishing systems and here in the given scenario toll free hotlines system has been established.</span>

3 0
3 years ago
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