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3 years ago

Which of the following would cause a "Prior Period Adjustment" to be reported on the 2025 Statement of Retained Earnings?

Business

1 answer:

Fynjy0 [20]3 years ago

5 0

Answer:

Cause of a "Prior Period Adjustment in 2025 Statement of Retained Earnings:"

A. Failure to Accrue Revenue at 12/31/24, but not 12/31/21 Depreciation Overstatement.

Explanation:

A company's failure to accrue revenue in accordance with the accrual concept and revenue recognition principle means that there is a "Prior Period Error" which must be corrected retrospectively in the financial statements (Retained Earnings). Retrospective restatement involves the correction of the error arising from the recognition, measurement, and disclosure of amounts of elements of financial statements. The restatement is done as if a prior period error had never occurred.

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When actual revenue ______ what the revenue should have been, the variance is labeled favorable.

xeze [42]

When actual revenue <u>exceeds</u> what the revenue should have been, the variance is labelled favourable.

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2 years ago

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Danny is an associate with Valley Chartered Accounts in New York. Among various other work commitments, Danny has to file the ta

nika2105 [10]

Answer:

E. instrumental support

Explanation:

Instrumental support is generally the assistance or support an individual receives from their colleagues that is tangible.

Sam, Danny's colleague, observing his stressful situation and then volunteered to assist Danny in meeting the deadline is an example of an instrumental support.

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3 years ago

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Which government action is used to limit the amount of scarce goods citizens can buy during wartime?

Charra [1.4K]

The government’s action that they use in limiting the amount of scarce of goods for citizens to buy during the wartime is rationing. Rationing is an action or process of having a person to have a limited or fixed amount in which in goods—they can only have or brought a limited amount of goods.

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3 years ago

5. The Bureau of Economic Analysis reported that, in real terms, overall consumer spending increased by $345.8 billion in 2015.

ikadub [295]

Answer & Explanation:

a. MPC = 0.50; Change in consumption spending = $345.8 billion

According to multiplier formula,

Change in real GDP/ Change in consumption spending = 1/(1-MPC) = 1/(1-0.5) = 1/0.5 = 2

So, Change in GDP = Change in consumption spending*2 = (345.8)*2 = $691.6 billion

Change in GDP = $691.6 billion

b. Change in investment = -$100

According to multiplier formula,

Change in real GDP/ Change in investment = 1/(1-MPC) = 1/(1-0.5) = 1/0.5 = 2

So, Change in GDP = Change in investment*2 = (-100)*2 = -200

So, total change in GDP = 691.6 - 200 = $491.6 billion

Change in real GDP = $491.6 billion

c. Percentage change in real GDP = (Change in Real GDP/GDP at the end of 2014)*100 = (491.6/15,982.3)*100 = 3.08%

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3 years ago

Union members earn_____________________ than non-union members, even after adjusting for factors such as_____________________. a

forsale [732]

Union members earn "about 20% more" than non-union members, even after adjusting for factors such as "years of work experience and education level.".

<h3>Who are Union and Non-Union members?</h3>

Workers who band together and use their collective power to have a say in the workplace create a union.

Labour union members can bargain with employers about pay, benefits, workplace health and safety, job training, and other work-related problems from a position of power through their union.

Employee involvement in corporate decision-making through representative organisations is known as non-union employee representation.

The reasons for union workers paid more are-

Employees that are more productive get paid more - Unions assert that they may bargain for greater salaries for workers.
In truth, higher pay rates result from employers in unionised organisations being more selective in the hiring process since they must find individuals who can produce more and do so with higher standards.

To know more about the roles of labour union, here

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8 0

2 years ago