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Alexxx [7]
3 years ago
11

Which accounting principle dictates whether the cost of a repair should be​ expensed?

Business
1 answer:
vodomira [7]3 years ago
8 0

Which accounting principle dictates whether the cost of a repair should be​ expensed?

d. matching

As per matching concept, All revenues have to be recorded along with expenses incurred to earn those revenues. Thus, revenues need to be accounted.

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Sarbanes-Oxley does not require:
Novosadov [1.4K]

Answer:

B) companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.

Explanation:

Sarbanes- Oxley is popularly called SOX and  which is also know as the ''Public Accounting Reform and Investor Protection Act'' in the United States' Senate and ''Corporate and Auditing Accountability, Responsibility and Transparency Act'' is a USA federal law the sets out new regulations for all U.S public company boards, management and public accounting firms. Some part of the Act makes provisions that apply to privately owned companies.

The Sarbanes-Oxley is named after the bill sponsors that is Senator Sarbanes and a U.S Representative known as Micheal G. Oxley and this bill makes sure that the top management of a company must each individually determine and certify the accuracy of all financial information provided or stated. This bill was enacted in 2002 to curb a number of major corporate accounting scandals, especially those affecting big accounting firms like ;  Enron, Tyco International, Adelphia, Peregrine Systems, and WorldCom that cost investors to loose a lot of money when the their shares collapsed.

As a guiding principal companies and organizations are supposed to adhere to the options mentioned above except for option B which states:  companies to turn over responsibility for establishing and maintaining internal controls for financial reporting to auditors.

5 0
3 years ago
Suppose a closed economy. Suppose there are a farmer, a baker and the consumers residing in this economy. Flour and bread are th
Darya [45]

Answer:

The total spending on all final goods and services produced is equal to $154,000.

Explanation:

The total spending on all final goods and services produced can be calculated as follows:

Total spending = Amount paid by consumers to farmer for flour + Amount paid by consumers to baker for bread + Government spending on hiring consumers ...................... (1)

Where;

Amount paid by consumers to farmer for flour = $20,000

Amount paid by consumers to baker for bread = $120,000

Government spending on hiring consumers = $14,000

Substituting the values into equation (1), we have:

Total spending = $20,000 + $120,000 + $14,000 = $154,000

Therefore, the total spending on all final goods and services produced is equal to $154,000.

3 0
3 years ago
Describe how the following pairs of terms are related to each. use two or three sentences for each pair of terms :
vfiekz [6]
Bro that's the same thing
3 0
2 years ago
"A company has a defined benefit pension plan for its employees. On December 31, year one, the accumulated benefit obligation is
tester [92]

Answer:

$6,100

Explanation:

Data given in the question

Accumulated benefit obligation = $45,900

Projected benefit obligation = $68,100

Fair value of the plan assets = $62,000

So, by considering the above information, the benefit plan recognized is

= Projected benefit obligation - fair value of the plan assets

= $68,100 - $62,000

= $6,100

Hence, the accumulated benefit obligation is ignored

7 0
3 years ago
Aaker Corporation, which has only one product, has provided the following data concerning its most recent month of operations: S
BARSIC [14]

Answer:

Unit product cost is equal to $66

Explanation:

It is given that direct material cost = $14

Direct labor cost = $44

Variable manufacturing overhead = $8

We have to find the unit product cost

Unit product cost is the sum of material cost labor cost and manufactoring overhead

Therefore unit product cost = $14+$8+$44= $66

So unit product cost is equal to $66

4 0
2 years ago
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