A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>
The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.
Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.
In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.
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Answer:
E. Debit Cost of Goods Sold $839,300; credit Finished Goods Inventory $839,300.
Explanation:
The journal entry is as follows
Cost of goods sold Dr $839,300
To Finished goods inventory $839,300
(Being the cost of goods sold is recorded)
The computation is shown below:
= Beginning balance of finished goods inventory + transferred of goods completed - ending balance of finished goods inventory
= $160,500 + $837,000 - $158,200
= $839,300
Answer: Problem-Solution
Explanation: Problem solution pattern is process of moving from a start state (problem) to a goal state (solution).
Margot starts from talking about child obesity and how this can be resolved.
<span>I, II, and IV I think</span>
Answer:
Depreciation for 2017 = $ 15000.
Explanation:
Asset cost = 80000
residual value = 5000
estimated life = 8 years.
As we know that :
Double declining depreciation = 2 * cost of assets * depreciation rate.
Depreciation rate = 1 / useful life of asset = 1/ 8 = .125 = 12.5%.
Depreciation of 2016 = 2 * 80000 * 12.5% = 20000
Depreciation of 2017 = (80000-20000 = 60000*2*12.5% = 15000)
