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Nat2105 [25]
4 years ago
11

When an accounting change is reported under the retrospective approach, account balances in the general ledger: Multiple Choice

A. Are not adjusted.
B. Are closed out and then updated.
C. Are adjusted net of the tax effect.
D. Are adjusted to what they would have been had the new method been used in previous years.
Business
2 answers:
LekaFEV [45]4 years ago
5 0

Answer: D are adjusted to what they would have been had the new method been used in previous years.

Explanation: Retrospective approach means that you are applying the change in principle to the financial results of previous periods, as if the new principle had always been in use. All presented financial statements are adjusted to reflect the change to the new accounting principle.

azamat4 years ago
4 0

Answer:

The correct option is Option D.

Explanation:

As the retrospective approach is the approach in which the implementation of new accounting policies that have been carried out from the time when the transaction is made. In this regard when a new or modern accounting policy is defined the entries are to be adjusted accordingly. So in this context option D is the only correct option.

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In the company's accounting system all fixed expenses of the company are fully allocated to products. Further investigation has
PSYCHO15rus [73]

Answer:

= $132,000.

Explanation:

There are two types of fixed costs, general fixed cost and specific fixed cost.

<u><em>General fixed costs </em></u><em>are those that cannot be traced to a specific product rather they are incurred for the benefit of all of the product being produced. For example,the rent of the factory where three products are being produced</em>

So they are unavoidable should a product be ceased for production that is they would still be incurred either way.

<u>S</u><u><em>pecific fixed costs </em></u><em>are those incurred specifically for a particular product and as such they would be saved should the product be discontinued. For example , if a special machine  that cost $4000 a month to rent is used to produce a product. The $4000 would be saved should the production of the product ceases</em>

The net operating cost of the company would increase by the amount of the avoidable specific fixed cost:

=$90,000 + $42,000

= $132,000.

3 0
4 years ago
The types of job-specific knowledge you need to perform well in a specialized field, known as _______ skills, appear to be most
myrzilka [38]

Answer: technical

Explanation:

6 0
3 years ago
Marika is a senior journalist at a news agency. She goes on a temporary leave for six months and travels around different parts
QveST [7]

Answer:

The correct answer is the option B: expatriate assignment.

Explanation:

To begin with, the term of <em>expatriate</em> refers to the person who is currently living abroad in a certain amount of time and primarily for work reasons. This professional worker takes a position outside her home country and that could be done as part of a work assignment scheduled by the employer of the individual. Moreover, expatriate assigment individuals also earn more money than the regular workers at home and furthermore the company generally helps the expatriate in relocation assistance and housing allowance.

Secondly, the case of Marika is a general example of expatriate assigment due to the fact that her company may have ordered her to leave for a period of time to other countries in order to find news and investigate about certain topics and in order to do that the company will pay her so she can do her job properly and then go back home and share her information with her colleagues.

4 0
4 years ago
Where is poseidon when the gods at council decide to help odysseus to return home?
alekssr [168]
During that time, poseidon was with the Ethiopians
In the story, Ethiopia is described as the farthest limit of the mandkind, and he attend that place because the people of Ethiopian make some offerings to worship him. When he got back from Ethipia, he got really angry because the other Gods has changed their mind on Odysseus


6 0
4 years ago
During a recession, a number of workers have their hours reduced by their employers. All else the same, the unemployment rate wi
devlian [24]

Incomplete question. I answered from a general economic standpoint.

Answer:

<u>stay the same; decrease</u>

Explanation:

<em>Remember</em>, in this scenario, it wasn't as though the mentioned workers lost their jobs, they only had their hours reduced by their employers; so they are not <u>unemployed</u>. This, therefore, implies that the unemployment rate will stay the same.

The labor force participation rate in simple words refers to the percentage of those who are currently employed or looking for a job within an economy. If the working hours are reduced, it may diminish the zeal among the workforce of an economy to work or find work because <u>they may perceive they''ll earn less.</u>

6 0
3 years ago
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