All categories

3 years ago

The historical cost concept reflects the fact that financial accounting practice favors:________.

Business

1 answer:

Aliun [14]3 years ago

6 0

Answer:

Reliability over relevance

Explanation:

The historical cost principle states that assets must be recorded at purchase cost, disregarding any change in their market value. E.g. you purchased a land lot 10 years ago for $100,000 and now it is worth $500,000. It must be recorded at $100,000 since that was its original purchase cost.

Accounting tries to be as exact as possible, and if the carrying values started to change every period or even month by month because the accountant believed that the market value changed, then it would be a mess. Accountancy is not supposed to be a game of guessing, it is supposed to be as exact and reliable as possible.

You might be interested in

which career field is likely to experience growth in salary in the next few years below the annual median? education, hospitalit

ryzh [129]

The government is the career field that is likely to experience growth in salary in the next few years below the annual median.

<h3>What is a government?</h3>

This refers to the system of governing an organized community, generally a state. In the case of its broad associative, the government normally consists of legislature, executive, and judiciary.

The other terms for government are executive, regime, authority, powers that be, directorate, council, leadership, management. cabinet, ministry. rule, term of office, incumbency.

Hence, the government is the career field that is likely to experience growth in salary in the next few years below the annual median.

Therefore, the Option C is correct.

Read more about government career

brainly.com/question/28096520

#SPJ1

3 0

2 years ago

Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses proces

lys-0071 [83]

Answer and Explanation:

a. The computation of cost of ending work in process inventory for materials, conversion, and in total is shown below:-

For material = 2,080 × $15.66

= $32,572.80

For conversion = 930 × $6.23

= $5,793.90

For total cost of work in process inventory = $32,572.80 + $5,793.90

= $38,366.70

b. The computation of cost of the units completed and transferred out for materials, conversion, and in total is shown below:-

For material = 21,700 × $15.66

= $339,822

For Conversion = 21,700 × $6.23

= $135,191

For total cost of completed and transferred units = $339,822 + $135,191

= $475,013

3 0

4 years ago

When a _________ matures, you receive your entire investment back plus any remaining interest.

kiruha [24]

Bond is correct answer.

When a bond matures, you receive your entire investment back plus any remaining interest.

Hope it helped you.

-Charlie

7 0

3 years ago

Christy spent $500 over her budget on gifts during the holidays. in addition to her regular job, she took a part-time job at the

allsm [11]

5 weeks 500/(12x10) =4ish then round up

8 0

3 years ago

Carol Bates, a young, dynamic, and affluent banker, likes to shop online and try out new products. She likes to keep herself upd

Wittaler [7]

<h2>"Innovative" traits best describes Carol</h2>

Explanation:

Based on the given statement, Carol Bates is very much interested in grabbing the latest gadgets. It means that,

Carol is updated
Adaptable to change

Have exploring capability to upgrade
A technology savvy
Monitors market and has good knowledge on current trends
Self-motivated to be on track
Has creative skills to use the latest gadgets

All the above qualities describes that Carol Bates is innovative.

4 0

3 years ago