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Vikki [24]
3 years ago
15

While generally accepted accounting principles do allow flexibility, standards of _________, ________, and ________ must always

prevail in the financial statements. subjectivity; integrity; validation objectivity; integrity; judgement recording; reporting; accounting quality; excellence; and judgement
Business
1 answer:
Stella [2.4K]3 years ago
5 0

Answer:

While generally accepted accounting principles do allow flexibility, standards of _objectivity_, _integrity_, and _judgement_ must always prevail in the financial statements

Explanation:

The concept of objectivity is the concept that an organisation's financial statements are based on solid evidence. The purpose behind this principle is to prohibit an entity's management and accounting department from generating financial statements based on their views and prejudices

Integrity is an important cornerstone of the accounting profession. Integrity requires accountants to be honest, candid and straightforward with the financial information provided by a client. Accountants should use confidential information to limit themselves to personal gain or advantage

professional judgment in deciding whether the content of business transactions differs from its nature, in assessing the appropriateness of disclosure, in determining the likely effect of upcoming events.

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_____ is the degree to which the company's existing practices, resources and capabilities fit the new market.
cestrela7 [59]

Corporate Fit

It has two dimensions:

  • Human Resource practices- This is the practices which are most important in any organization. It is based on company goals, legal compliance requirement & it involves strategic operations of HR. There practice mainly provides for managing employees and coordinating with business plan.
  • Risk Tolerance- Risk tolerance is taken place when an investor is willing & had the capability to to handle the amount of loss while making investment decision.

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7 0
2 years ago
PLEASE HELPP WITH CHEMISTRY
olasank [31]

Answer:

what is the equation? because I can't see it

4 0
3 years ago
McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the produ
larisa [96]

Answer:

Opportunity cost ($481,000) is greater than the total production cost ($356,000). McMurphy corporation should produce the products by itself instead of buying from Conners Company since the production costs are lower than purchase cost

Explanation:

Determine the total cost associated with the production of the units as follows;

T=M+L+V+F

where;

T=total costs

M=direct materials cost

L=direct labor costs

V=variable factory overhead costs

F=fixed factory overhead costs

In our case;

M=$88,000

L=$127,000

V=$59,000

F=$137,000

replacing;

T=(88,000+127,000+59,000+137,000)=$411,000

Total costs=$411,000

Assuming the McMurphy avoids 55,000 fixed factory overhead cost;

Total costs=411,000-55,000=$356,000

The opportunity cost if McMurphy Corporation decides to purchase the units from Conners Company instead of producing them will be;

Opportunity cost=cost per unit×number of units

cost per unit=$37

number of units=13,000 units

Opportunity cost=37×13,000=$481,000

Opportunity cost ($481,000) is greater than the total production cost ($356,000). McMurphy corporation should produce the products by itself instead of buying from Conners Company since the production costs are lower than purchase cost

5 0
3 years ago
Consider two perfectly negatively correlated risky securities A and B. A has an expected rate of return of 10% and a standard de
Studentka2010 [4]
I’m sorry for making it happen again but it’s not like that
7 0
3 years ago
A landowner owned a large piece of property containing an inn and a bakery. She entered into a contract to sell the property to
pickupchik [31]

Answer:

The most likely result at trial is that the landowner's claim for specific performance will be successful, and she will be awarded the entire price of contract.

Explanation:

When there isn't a statute, the buyer bears the risk of loss when property subject to a contract for sale is destroyed without fault of any party prior to the date specified for closing. Unless the contract specifies otherwise, the buyer must pay the contract price even if the property is damaged by fire.

The inn was burned down in this case after the landowner and the buyer signed a contract for the sale of the property, but before the closing date. The contract appears to be silent on the risk of loss, and no appropriate statute exists. As a result of the common law rule, the buyer bears the risk of loss. Therefore, the landowner has the right to particular execution of the contract, which implies that the entire stipulated contract price must be paid by the buyer.

Regardless of the property's drop in worth owing to the fire, the $1 million contract price must be paid by the buyer because he bears the risk of loss.

Therefore, the most likely result at trial is that the landowner's claim for specific performance will be successful, and she will be awarded the entire price of contract.

6 0
2 years ago
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