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4 years ago

If a material error is discovered in an accounting period subsequent to the period in which the error is made:

Business

1 answer:

boyakko [2]4 years ago

5 0

Answer: Any previous years’ financial statements are retrospectively restated to reflect the correction.

Explanation:

If an accounting error that is material is discovered in a period after the period that the error was made, every financial statement that was affected will have to be restated so that the correction is reflected by them. This was the entries on the books will be more accurate.

For instance, if a material error that occurred in 2017 is discovered in 2020, then the '17, '18 and the '19 statements have to be corrected to reflect that there was an error that needed correcting.

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Personality types are:

mezya [45]

The answer is the first option

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3 years ago

Read 2 more answers

The Alpine Shop is a store that specializes in selling equipment for camping and other outdoor activities. The store has many em

Ipatiy [6.2K]

Answer:

d) information utility

Explanation:

Based on the information provided within the question it can be said that the type of utility created by the efforts of the employees is information utility. This refers to individuals moving information about the good and bad features that the company sells in order to provide utility to the store and hopefully garner more customers to increase sales.

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4 years ago

A client sks his accountant to ignore a mistake which overstated the accounts receivable account. The accountant decides that th

ioda

Answer:

C. Stage 4

Explanation:

stage 4 – respecting authority and preserving the rules of society.

authority and social order obedience driven.

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3 years ago

Jamison Company had Net Income for the year of $210,000. Prepaid Expenses increased by $9,000 during the year, Inventory decreas

kipiarov [429]

Answer:

a. $207,000

Explanation:

The cash flow statement categories the company's transactions in a financial period into 3 groups; these are operating, investing and financing.

The net profit/loss, depreciation, changes in current assets (other than cash) and liabilities are considered as operating activities including income taxes.

The sale of assets, interest received, purchase of investments are examples of investing activities while the issuance of stocks, debt principal deduction (loan settlement), issuance of debt securities etc are examples of financing activities.

An increase in assets other than cash is an outflow while an increase in liabilities is an inflow. Depreciation and other non-cash expenses deducted in the income statements are added back while the non-cash income such gain on asset are deducted from net income.

The Net Cash Flow from Operating Activities

= $210,000 - $9,000 + $8,000 - $2,000

= $207,000

6 0

3 years ago

One method of evaluating the creativity of a team's ideas is looking at the fluency, flexibility, and originality of the ideas.

Daniel [21]

Answer:

-The hability to express an idea.

-The hability to make the necessary changes

-The hability of having new and non repited ideas.

Explanation:

One method of evaluating the creativity of a team´s ideas is looking at the fluency, flexibility and originality of the ideas. Fluency refers to the hability to express an idea in certain language or aspect: flexibility refers to the hability of making the necessary changes when are needed; originality refers tothe hability of creating new content and ideas that are non repeated.

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3 years ago