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Gnom [1K]
2 years ago
13

Which accounting concept requires that the value of economic data be recorded in dollars?

Business
1 answer:
defon2 years ago
5 0

Answer:

Unit of measure concept

Explanation:

In accounting, there is a standard convention that stipulates that all transactions must be consistently recorded using the same currency, in the case the dollars. This is what is known as the unit of measure concept.

In a case or cases where there are transactions that are carried out in currencies other than the USD, what is done is that there is a conversion between the values in the other currency and in the USD.

It is essential that there is a consistency in the unit of measurement as an absence in consistency would make it difficult for financial statements to be produced

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An article sells for $415 80. You wish to discount it by 20%. At what price will you offer it after the discount?
Rus_ich [418]

Answer:

$332.64

Explanation:

Well, $415.80 is the 100% price.

If we want 20% off of this price, we would need the 80% value of $415.80

80% of 415.80 = 332.64

7 0
3 years ago
Read 2 more answers
"An investor has sold short stock worth $80,000 in a margin account, depositing the Regulation T margin requirement. If the mark
Bumek [7]

Answer:

$15000.

Explanation:

The worth of stock that the investor sold = $80000

The fall in the market value of the stock = $65000

Since the value of the stock falls to $65000. thus, the SMA in the account can be calculated by eliminating the decreased amount from the stock value. Therefore, the SMA in the account will be 80000-65000 = $15000

3 0
3 years ago
Student Emergency Financial Services, Inc., which makes small loans to college students, offers to lend $550. The borrower is re
Step2247 [10]

Answer:

Interest per week=17.4%

Explanation:

Using equation

F=P(1+i)^n

where n is the time period,P is the present value and F is the future value

Given F=550,P=42 and n=16 solving equation we will get

i=17.4%

7 0
3 years ago
The concept by which pay is distributed based on work produced rather than hours worked was called _______________.
Andrei [34K]
The concept by which pay is distributed based on work produced rather than hours worked was called piece work. <span>Piece </span>work<span>, or output </span>work<span> as it is sometimes </span>called<span>, is </span>the concept<span> that workers are </span>paid<span> for </span>work produced rather than<span> the number of </span>hours worked<span>. Hope this answers the question. Have a nice day.</span>
7 0
3 years ago
Which of the following statements about GDP (gross domestic product) is TRUE?
nasty-shy [4]

Answer:

a)     GDP measures the market value of final goods and services produced within a country.

Explanation:

Gross Domestic Product{ GDP} is the total market value of all the finished goods produced within the boundaries of a country at a specific time.  GDP takes into account all products and services regardless of who produces them, be it locals or foreigners. In short, GDP is a measure of all domestic productions.

Economist uses GDP as a scorecard of a country's economic status. They use it to determine the growth rate of an economy and its size.

Investors and business people will use GDP in the decision-making process. They will want to invest in industries or countries that are growing. A steady rise in GDP signifies that the economy is doing well and growing. A decrease in GDP will indicate a recession.

3 0
3 years ago
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