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trapecia [35]
3 years ago
5

Not adjusting the amounts reported in the financial statements for inflation is an example of which basic assumption or principl

e of accounting?a. Economic entity. b. Going concern. c. Historical cost. d. Full disclosure.
Business
1 answer:
erik [133]3 years ago
4 0

Answer:

c. Historical cost.

Explanation:

Based on the information provided within the question it can be said that this statement is an example of the basic principle of accounting known as historical cost. This term refers to using the value of something based on the original cost of when it was acquired and not adjusting the amounts for inflation or other newer variables.

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Kobotan [32]

Answer:

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Explanation:

8 0
3 years ago
Which is not a factor in determining the amount you should consume from each food group in the mypyramid plan?
Talja [164]

The correct answer is: Weight

May the Talos guide you

6 0
2 years ago
Read 2 more answers
On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on its balance sheet that resulted from the purchase
Thepotemich [5.8K]

Answer:

patent      301,350 debit

       cash                 301,350 credit

franchise 633,600 debit

        cash               633,600 credit

development expense   189,000 debit

         cash                                    189,000 credit

year-end adjustment:

amortization expense   50,225 debit

         patent                                  50,225 credit

amortization expense   31,680‬ debit

         patent                                  31,680‬ credit

Explanation:

The patent and franchise will be activate as there is a certain possibility to produce positive cashflow in the future.

They will be adjusted at year-end for amortization:

301,350 / 6 = 50,225 amortization on patent

633,600 / 10 = 63,360 amortization on franchise

As it was concede on July 1st then, we will do half-year

63,360 / 2 = 31,680‬

The development cost will be treated as expense as there is no precise information that can determined the development cost which yield a positive outcome.

8 0
3 years ago
Which department of the U.S. federal government was budgeted to spend over $582 billion on goods and services in fiscal year 201
pav-90 [236]
The answer is Department of Defense
8 0
2 years ago
Which of the following terms addresses the problem when introducing a new product line could steal sales away from an existing p
lora16 [44]

Answer:

"A"

Explanation:

Market enhancement is the process of improving the production line of an existing product in order to increase the value, efficiency and effectiveness giving the product a market leading status and an edge over the rivals and  new entrants.

It involves research , review and upgrade of production system

This is used to ensure that an existing product has the features to withstand the competition that a new product might bring

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3 years ago
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