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Mkey [24]
3 years ago
5

Identify which basic principle of accounting is best described in each item below. (a) Norfolk Southern Corporation reports reve

nue in its income statement when the performance obligation is satisfied instead of when the cash is collected. select a principle (b) Yahoo! recognizes depreciation expense for a machine over the 2-year period during which that machine helps the company earn revenue. select a principle (c) Oracle Corporation reports information about pending lawsuits in the notes to its financial statements. select a principle (d) Gap, Inc. reports land on its balance sheet at the amount paid to acquire it, even though the estimated fair value is greater. select a principle
Business
1 answer:
Stels [109]3 years ago
7 0

Answer:

The answers are,

For A. It's the revenue recognition principle in which revenue is recognised when it is earned, now when the cash is realized.

For B. Its the matching concept in which all expenses related with earnings are debited against it to find the profit or loss.

For C. It's full disclosure principle in which all events in material nature has to be disclosed. We can say that going concern effects this as well, as if any event affect the continuity of an entity, it has to be disclosed as well.

For D. It's the historical cost principle in which you account the assets and expenses at the price you paid for them. When the value increases over time, you can reevaluate and adjust it.

Explanation:

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Copy equipment was acquired at the beginning of the year at a cost of $56,000 that has an estimated residual value of $8,000 and
sergeinik [125]

Answer:

Results are below.

Explanation:

<u>The depreciable cost is the result of deducting from the purchase price the salvage value:</u>

<u></u>

Depreciable cost= 56,000 - 8,000

Depreciable cost= $48,000

<u>The depreciable rate is the depreciation that the asset suffers in one year express as a percentage:</u>

<u></u>

Depreciation rate= 1/5 = 0.2 or 20% per year

<u>Finally, the units of production depreciation for the first year:</u>

Annual depreciation= [(original cost - salvage value)/useful life of production in copies]*number of copies

Annual depreciation= (48,000/1,000,000)*240,000

Annual depreciation= 0.048*240,000

Annual depreciation= $11,520

5 0
3 years ago
Please list and explain the three principles that describe how the economy as a whole works.
STatiana [176]

Answer:

The standard of living from country to country is affected by their level of productivity. The more productive a Country is, the more goods and ser- vices they have available, etc.lnflation occurs when the government prints a surplus of money.There is a trade-off between inflation and unemployment. Increase in price can happen from higher demand, which in turn causes firms to higher more workers to produce more goods/services.

6 0
3 years ago
Southwest Airlines begins a ''Bags Fly Free'' campaign, charging no fees for the first and second checked bags. Does this situat
Luba_88 [7]

Answer: Producer-producer rivalry

It is a rivalry from producer to producer because the other airlines will hardly be able to compete with that action, since at present it has become more usual not to include the luggage in the ticket and load them at the time of the check. With this, the best option for passengers will be to buy with the airline "Southwest Airlines"

5 0
3 years ago
Bitcoin is a type of
White raven [17]

Answer:

for me its A.biometric authentication

not sure

correct me if im wrong

3 0
2 years ago
During a job interview, you want to be the candidate that looks enthusiastic and eager to get the job you are interviewing for.
Sedaia [141]

Answer:

During a job interview, you want to be the candidate that looks enthusiastic and eager to get the job you are interviewing for. Asking the interviewer questions about the job itself, the culture of the workplace, and the next steps in the interview process can leave the interviewer impressed with your interest in the job. Which one of the following questions is an example of an appropriate question that you should ask the interviewer during the interview?

Could you please let me know what the pay is?

Explanation:

Could you please let me know what the pay is?

This remains the best question to be asked during an interview session, this enables the job seeker to have a basic knowledge of what it takes to be offered an employment in such organization.

8 0
3 years ago
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