Answer:
The land should be recorded in Clairemont Repair Service’s records at $380,000
Explanation:
According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.
So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.
Other costs which are mentioned in the question is ignored.
Answer:
B. Cost-Benefit
Explanation:
According to the Financial Accounting Standard Board (FASB) framework, it is important to estimate the cost and benefit of information before deciding the relevance of the information. It decides when to disclose and whether to disclose the information
Once, the cost of such information outweighs the benefits of its disclosure then FASB framework terms it as not relevant.
Cost of Information
Financial reporting through the preparation of financial statements has a cost, these costs include provision, preparation as well as the audit of the information provided. The cost-benefit constraint basically intends to ensure that financial statements are most-effectively and most-efficiently prepared.
Answer:
The TRUE statement about the Restatement of the Law of Contracts is:
a. It is a valuable resource for judges to consult, but it is not formal law.
Explanation:
The Restatement of the Law of Contracts are treatises that clarify the general principles of contract common law, to help judges and lawyers in their judgments. Though it is one of the best-recognized and frequently cited legal treatises in all of American jurisprudence, it remains secondary sources of law. With the cooperation of judges, legal professors, and other legal experts, it is written and published by the American Law Institute (ALI).
Answer:
The answer is C.
Explanation:
Just as almost every industry, American Food Industry also has lobbyists who work to influence the politicians and legislators and control the legislations in a way that is profitable for the industry.
Among the given options, A and D are true about the food industry and their lobbyists' influence, they do influence favorable legislature for the industry.
B is also true because telling people to eat less is not profitable for the food industry.
Option C, promoting consumption of fresh fruits and vegetables is not a true statement regarding the food industry and their lobbyists.
I hope this answer helps.
