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dem82 [27]
2 years ago
5

Management has a legal and professional responsibility to be sure that the financial statements are prepared in accordance with

reporting requirements of applicable accounting frameworks.
a.True

b.False
Business
1 answer:
Triss [41]2 years ago
3 0

Answer:

a. True

Explanation:

An accounting framework represents a set of criteria that is used to measure, interpret, and disclose the information that appears in an organization's financial statements.

The law of several nations mandates the Management of a company to prepare and present their financial statements in accordance with the laws of the nation. Since the law mandates this, it makes it a legal requirement.

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Disney gets its cast members to go out of their way to make people happy by valuing its employees like internal customers, which
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3 years ago
Your new team is working hard, but they are all less experienced than you and don't complete their tasks as quickly
hammer [34]

Answer:

I would personally try to teach them myself since I have more experience and help them get better at their work environment.

Explanation:

8 0
3 years ago
Which of the following could be used as a basis to allocate profits among partners who are active in the management of the partn
grandymaker [24]

Answer:

1, 2, 3 & 4

Explanation:

All of the given options could be used as a basis to allocate the profit among partners. Allocation of salaries is also a basis for profit allocation. Salaries of partner is deducted from the net profit on the basis of predetermined ratio or amounts.

The numbers of years can also be a base for the profit allocation. The partner from the long time could have more share than a new partner but it depends on the agreement of all the partners.

The profit can also be based on the the amount of work work done or time spent by each partner. Some associations and firms use this method to allocate the profit.

The most common method of profit allocation is the capital invested in the business. partners are paid on the basis of what they invested in the business.

5 0
3 years ago
Alaska Mining Co. acquired mineral rights for $67,500,000. The mineral deposit is estimated at 30,000,000 tons. During the curre
Reil [10]

Answer:

a. Determine the amount of depletion expense for the current year.

To find the depletion expense, we use the following formula:

Depletion

Expense  = ( Cost - Salvage value / estimated n of units) x n of units extracted

Because we are not given any salvage value in the question, we will assume the salvage value is 0.

Plug the amounts into the formula to find the answer:

Depletion

Expense  = (67,500,000 - 0 / 30,000,000) x 4,000,000

                = 9,000,000

b. Journalize the adjusting entry on December 31 to recognize the depletion expense.

Account                            Debit                Credit

Depletion Expense         $9,000,000

Accumulated Depletion                           $9,000,000

3 0
3 years ago
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