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3 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]3 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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Which of the following statements is true? Question 8 options: Always shake hands in an interview as it is the polite thing to d

SVETLANKA909090 [29]

I think the answer would be A. It definitely would not be B or C and D seems kind of rude so I think that A. would be the most courteous and kind. Hope this is helpful for you! :)

7 0

3 years ago

Read 2 more answers

Marshmellow Corporation sells a product for $140 per unit. The product's current sales are 12,500 units and its break-even sales

xeze [42]

Answer:

c. 10%

Explanation:

Margin of safety is the sales value at which the business is safe from making loss. It measures the profit after the break-even point. The sales over the break-even point is considered as the margin of safety.

Margin of safety = Actual Sales - Break-even point = 12,500 units - 11,250 units = 1250 units

Percentage of margin of safety to sales = Margin of safety / Actual sales

Percentage of margin of safety to sales = 1,250 / 12,500

Percentage of margin of safety to sales = 0.10

Percentage of margin of safety to sales = 10%

3 0

3 years ago

Janeesa drove 75 miles. This represents 60% of her entire trip. What is the total number of miles in Jeneesa's trip?

Alenkinab [10]

125 Miles

Make x stand for the total trip miles.

75 = .6x

Divide by .6 (60%)

x= 125 miles

3 0

3 years ago

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Tell me about a time you were able to understand someone else's viewpoint that differed from your own. Describe the situation, y

RoseWind [281]

Answer:

<h3>"I have felt dissatisfied on the job when I feel underpaid and overworked. I don't mind working hard at all, but I don't like to feel as though I'm being taken advantage of." "When I see success few and far between, it is very unmotivating for me. I am a hunter and a true salesperson</h3>

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3 years ago

Your firm's last three years of sales have been $1 million, $2 million, and $3 million (oldest to most recent). Year-end invento

Nitella [24]

Answer:

we will save 500,000 dollars worth of inventory.

Explanation:

If sales are 4,000,000 then the expected inventory will be 1,000,000

Giving an inventory turnover of:

4,000,000 / 1,000,000 = 4

IF we double the inventory turnover then:

4,000,000/inventory = 8

So the inventory will be of: 4,000,000/8 = 500,000

the difference is for 500,000

6 0

3 years ago