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Dovator [93]
3 years ago
6

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are not principles, standards, concepts, or values

common to business ethics.A. TrueB. False
Business
1 answer:
sergeinik [125]3 years ago
8 0

<u>Answer: </u>

Unlike Generally Accepted Accounting Principles (GAAP) for accountants, there are not principles, standards, concepts, or values common to business ethics is a FALSE statement.

<u>Explanation: </u>

  • The GAAP has a wide range of applications owing to the unanimous addition of functions to the discipline of accountancy.
  • Other than GAAP, certain countries and businesses follow the accounting methods given by 'other comprehensive basis of accounting' (OSBOA).
  • Some businesses choose to follow both at once, while the majority choose to follow either of them.
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The owner of Grandma's Applesauce is planning to retire after the coming year. She has to repay a loan of $50,000 plus 8 percent
Aleks04 [339]

Answer:

Option (B) $5,000

Explanation:

Data provided in the question:

Repayment of Loan = $50,000

Interest = 8%

Cash flow             Probability

$65,000                    70%

$45,000                    30%

Tax rate = 0%

Now,

Interest on loan = 8% of $50,000

= $4,000

Expected value of cash flow = ∑[cash flow × Probability ]

= ( 0.7 × $65,000 ) + ( 0.3 × $45,000 )

= $45,500 + $13,500

= $59,000

The owner's expected cash flow after debt service

= Expected value of cash flow - Interest on loan - Repayment of Loan

= $59,000 - $4,000 - $50,000

= $5,000

Hence,

Option (B) $5,000

3 0
3 years ago
Financial Calculations
vova2212 [387]

Answer:

$14

Explanation:

24 each batch minus 10 is total profit

3 0
2 years ago
On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds
Salsk061 [2.6K]

Answer:

Given that,

Value of bonds issued = $100,000

Maturity period = 10 years

Bonds were issued at face value.

Interest rate = 8%

Interest is paid once per year on December 31.

Since, the bonds are issued at the face value, so there would be no premium or discount on the issue of bonds.

The cash is received by the company for issuing bonds and it is debited. We know that  bonds are a part of liabilities, so they are credited

Therefore, the journal entry is as follows:

Cash A/c Dr. $100,000

     To bonds payable      $100,000

(To record the issuance of bonds)

7 0
3 years ago
In order to be considered unemployed, a person must be: Instructions: You may select more than one answer. Click the box with a
loris [4]

Answer:

The correct answer are letters "A", "B", and "C": not working; actively seeking work; willing and able to work.

Explanation:

Unemployment is the state in which individuals do not have a job but are actively seeking one. These people are willing and available to start working yet they have not been able to get a job according to their skills. The unemployment rate of the U.S. for 2019 was around 3.6% according to the Bureau of Labor Statistics (BLS).

3 0
3 years ago
The balance in the supplies account, before adjustment at the end of the year, is $4,850. Journalize the adjusting entry require
rodikova [14]

Answer:

Supplies Expense           $3970 Dr

        Supplies Account      $3970 Cr

Explanation:

The adjusting entry is made at the end of the accounting period. If on the day of adjusting entry, the supplies account shows a higher balance then the supplies on hand, we will need to charge the difference between these two amounts to the supplies expense account and reduce the supplies account by the same amount.

The difference between supplies account and supplies on hand is 4850 - 880 = $3970

7 0
3 years ago
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