1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ede4ka [16]
3 years ago
7

Identify which qualitative characteristic of accounting information is best described in each item below. (Do not use relevance

and faithful representation.)
(a) The annual reports of Best Buy Co. are audited by certified public accountants.
(b) Black & Decker and Cannondale Corporation both use the FIFO cost flow assumption.
(c) Starbucks Corporation has used straightline depreciation since it began operations.
(d) Motorola issues its quarterly reports immediately after each quarter ends.

(1) Comparability
(2) Verifiability
(3) Timeliness
(4) Comparability (consistency)
Business
1 answer:
Lilit [14]3 years ago
4 0

Answer:

Statement (a) = (2) Verifiability

Statement (b) = (1) Comparability

Statement (c) = (4) Comparability (Consistency)

Statement (d) = (3) Timeliness

Explanation:

As for the provided information we have,

Statement (a) = (2) Verifiability

This characteristic refers to the information verified and confirmed to be accurate.

Statement (b) = (1) Comparability

The characteristic of an information which provides the similarity and differences between the two statements is comparability.

As here both the organisations use same cost flow assumption, it makes the data comparable.

Statement (c) = (4) Comparability (Consistency)

There is a consistency, that means use of same policy from a long time, and not changing it.

Here, the company is using straight line depreciation since its incorporation, and thus it is consistent with its policies.

Statement (d) = (3) Timeliness

Timeliness as the name suggest refers to the preparation of statements within the time relevant for preparing such statements.

As the quarterly statements are to be prepared in the quarter end resulting in benefit to the users of such reports, it is a timely information.

You might be interested in
A bank has Tier I capital of $90 million and Tier II capital of $70 million. The bank has total assets of $2,522 million and ris
skelet666 [1.2K]

Answer:

C. Under-capitalized

Explanation:

Tier Capital/Risk-weighted assets = (90 million + 70 million)/2,017.6 million

= 7.93%;

Tier 1 Capital /Risk-weighted assets = 90 million /2,017.6 million

= 4.46%;

Tier Capital/Total assets= (90 million + 70 million)/2,522 million

= 6.34%.

The first ratio puts the bank in the undercapitalized zone.

8 0
3 years ago
Sally, Greg, John, and Amar are working on a project for a customer that is aimed at cutting the client's electrical costs. The
vodomira [7]

Answer: Virtual organization

Explanation:

Virtual organization is a firm of organization whereby the members or the employees are geographically apart and not at the same place and therefore communicates by using their e-mails, phones, collaborative computing, or any other means of communication.

The virtual organization is what is being used by Sally, Greg, John, and Amar in the question above.

7 0
3 years ago
All of the following are reasons to get organized except:
riadik2000 [5.3K]

Answer:

the answer is A. inefficiency

3 0
3 years ago
Online and offline marketing content is meant to drive action, which requires a focus on buyers problems. Effective brand journa
Elena-2011 [213]

Answer:

Stories  

Explanation:

Stories are the stuffs that the people hear about and like to discuss about. Stories are part of the organization culture and are a good means for an organization to affect customer choices because the issues of the customers are highlighted which helps organization to rectify its operations.

7 0
3 years ago
This morning, DJ’s invested $238,000 to help fund a company expansion project planned for three years from now. How much additio
rusak2 [61]

Answer:

$3,842.78

Explanation:

We must determine the future value of the money invested and then calculate the difference between both return rates. We can use the future value formula: FV = present value x (1 + return rate)ⁿ

3.5% ⇒ FV = $238,000 x (1 + 3.5%)³ = $238,000 x 1.035³ = $263,874.85

4% ⇒ FV = $238,000 x (1 + 4%)³ = $238,000 x 1.04³ = $267,717.63

difference = $267,717.63 - 263,874.85 = $3,842.78

5 0
3 years ago
Other questions:
  • In the formula for roi, idle plant assets are question 32 options:
    5·1 answer
  • What is culture?????????
    12·1 answer
  • Colorado Corporation's financial statements include the following information:
    5·1 answer
  • A production goal may be set too high by upper management because a. ​they are unsure about the actual costs of production b. ​t
    10·1 answer
  • Accounts Receivable Analysis A company reports the following: Sales $1,182,600 Average accounts receivable (net) 43,800 Determin
    15·1 answer
  • For each of the following events, explain the short-run and long-run effects on output and the price level, assuming open econom
    11·2 answers
  • 3. Considered the back office", Involves behind the scenes paperwork
    6·1 answer
  • A bank's actual reserve ratio is the percentage of total deposits a bank actually holds on to. It is made up of the percentage t
    10·1 answer
  • What does Marketing mean to you?
    11·2 answers
  • If a firm has debit of 40%, a tax rate of 35%, free cash flows of $31, a change in capital expenditures of $20, and a change in
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!