All categories

3 years ago

A characteristic of generally accepted accounting principles includes:

Business

1 answer:

77julia77 [94]3 years ago

4 0

Answer:

The correct answer is letter "C": a common set of standards and principles.

Explanation:

The Generally Accepted Accounting Principles (GAAP) are a compilation of <em>official rules, standards, and procedures to be used by publicly traded companies</em> to prepare their financial statements. GAAP standards define how businesses record and report their financial data, and are used in accounting practices to ensure consistency and precision.

You might be interested in

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro

Virty [35]

Answer:

Scarbrough will receive and record cash of $538,685

The journal entry to record this transaction would be:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000

Explanation:

In order to calculate the amount Scarbrough will receive and record cash we would have to make the following calculation:

Scarbrough will receive and record cash=Receivables-Amount of the hold back-Withheld as fee income-Less: Withheld as interest expense

Receivables= $600,000

Amount of the hold back=$600,000 x 5%=$30,000

Withheld as fee income=$600,000 x 3%=$18,000

Withheld as interest expense=$600,000 × 15% × 54/365=$13,315

Therefore, Scarbrough will receive and record cash=$600,000- $30,000-$18,000-$13,315=$538,685

Scarbrough will receive and record cash of $538,685

According to the given data to journal entry to record this transaction would be the following:

Debit Credit

Cash $2,900,300

Interest Expense $89,700

Notes Payable $2,990,000

Interest Expense=$2,990,000 x 3%=$89,700

5 0

3 years ago

State Street Beverage Company issues $805,000 of 9%, 10-year bonds on March 31, 2017. The bonds pay interest on March 31 and

Citrus2011 [14]

Answer:

Option (B) If the market rate of interest is 10%, the bonds will issue at a discount

Explanation:

Interest rate risk is defined as the risk changing which, interest rates will affect bond prices. When current interest rates are greater than a bond's coupon rate, the bond will be sold below its face value at a discount. When interest rates are less than the coupon rate, the bond can be sold at a premium--higher than the face value.

7 0

3 years ago

according to the text, superior performance within the strategic business unit (sbu) is sought by asking which major question?

EastWind [94]

in step with the text, superior overall performance in the strategic commercial enterprise unit (SBU) is sought with the aid of asking the main question is a functional supervisor.

The definition of a superior is a person who is better in diploma, rank, numbers, etc. than others. An example of a superior is the supervisor of an enterprise. advanced comes from the Latin phrase which means above and it literally way something that is above others in best or reputation.

Superior means better or greater in value. An instance of advanced users as an adjective is an advanced manager which means a supervisor whose abilities have been evaluated as fantastic. An instance of advanced users as an adjective is a superior grade of 100% on an exam. (printing) Set above the primary line of a kind. you use superior to explain someone or something that is better than different comparable humans or matters. Your superior in an agency that you work for is a person who has a higher rank than you. They do now not have a lot communique with their superiors.

Learn more about Superior here:

brainly.com/question/26348640

#SPJ4

3 0

1 year ago

Suppose that Boeing and Rolls-Royce Holdings are the sole producers of a particular jet engine. The two firms currently charge t

Reil [10]

Answer:

each firm reduces its price.

3 0

3 years ago

Roxy Inc. issued 3,000 shares of no-par common stock with a stated value of $5 per share. The market price of the stock on the d

7nadin3 [17]

Answer and Explanation:

The journal entry to record the issuance of the common stock is shown below;

Cash Dr (3,000 shares × $14) $52,000

To Common stock (3,000 shares × $5) $15,000

To Additional paid in capital $27,000

(being the issuance of the common stock is recorded)

Here the cash is debited as it increased the asset and credited the common stock & additional paid in capital as it also increased the equity

3 0

3 years ago