Answer:
A. Is the same as convergence of accounting standards
Explanation:
Harmonization of accounting standards mean the process of increasing the compatibility of accounting practices by setting bounds for the degree of variations.
The notion of harmonization can be replaced by the concept of convergence.
Harmonization of international accounting standards is an imposition of standards by economically superior countries.
Answer:
Merchandise inventory is classified on the balance sheet as a current asset.
Explanation:
Merchandise inventory refers to the price of products that are available for sale and they are classified as a current asset.
Current assets are the cash and the other assets that can be turn into cash within a year, like inventory as there is a good opportunity that the products are sold in that period which makes inventory to be included in the current assets on the balance sheet.
Answer:
Option (b) is correct.
Explanation:
Correct amount of inventory to be reported:
Amount of inventory as per physical verification = $320,000
Cost of goods under consignment to Herschel Corporation = $47,000
Value of inventory to be reported:
= Amount of inventory as per physical verification + Cost of goods under consignment to Herschel Corporation
= $320,000 + $47,000
= $367,000
Answer:
a small number of firms selling a homogeneous or a differentiated product
Explanation:
if this is one of the choices this is correct
Answer:
Union power
Explanation:
The difference in wages is as a result of Union power because the North now belongs to a labor union that protects their interest. A labor union is an organization that plays the role of an intermediary between their members and their employers. The workers in the North through the union are able to negotiate for better wages. Through collective bargaining, the union gives workers In the North the power to request for better work pay than workers in the east, West and South facilities.
