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dezoksy [38]
3 years ago
10

In addition to issuing accounting standards, the FASB has formulated a conceptual _______ to provide an underlying theoretical a

nd conceptual structure for accounting standards.
Business
1 answer:
Sophie [7]3 years ago
7 0

Answer:

Framework

Explanation:

Accounting theories are usually bound together by an appropriate conceptual framework. The conceptual framework provides or becomes the basis of the concepts and theories that underline any set of accounting standards that govern the financial practices of businesses in an area.

The Financial Accounting Standards Board, has defined the objectives of financial reporting especially by business organisations within the private and public sector. The underlying theories and concepts that guide these defined and outlined standards for financial reporting set by the FASB is clearly defined in its Conceptual Framework.

Once, there are changes in underlying accounting theories, these are clarified in the framework before they become a standard for financial reporting.

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Answer:

Respect

Explanation:

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3 0
3 years ago
Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direc
astraxan [27]

Answer:

Under allocation= 1,000 underallocated

Explanation:

Giving the following information:

Dukes Corporation used a predetermined overhead rate this year of $2 per direct labor-hour, based on an estimate of 20,000 direct labor-hours to be worked during the year. Actual costs and activity during the year were: Actual manufacturing overhead cost incurred $ 38,000 Actual direct labor-hours worked 18,500

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3 years ago
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Nookie1986 [14]

Answer:

TRUE

Explanation:

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6 0
3 years ago
Describe a real or made up but realistic example of an emotional consumer motive that you or someone you know has experienced. W
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3 years ago
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Berkshire Inc. uses a periodic inventory system. At the end of 2017, it missed counting some inventory items, resulting in an in
ziro4ka [17]

Answer:

d. Assets understated by $670.000, liabilities understated by $234,500 and shareholders' equity understated by $435,500

Explanation:

Assets in Inventory will be understated by $670.000, this will also understate the tax payable to authorities by $234,500 because profits will be understated and equity will be understated by $435,500.

8 0
3 years ago
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