A change in depreciation method is treated as a change in estimate that is achieved by a change in accounting principle, and is accounted for prospectively in the current and future periods.
The rules and regulations that businesses and other organizations must abide by when reporting financial data are known as accounting principles. These regulations standardize the terminology and procedures that accountants must employ, making it simpler to analyze financial data.
A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB).
The consistency that accounting principles establish enables more accurate and effective viewing of financial statements and reporting for businesses.
Learn more about accounting principles here
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A) Yes, because the government requires individuals to report income earned from an employer and other sources.
His side gig was the equivalent of self contracting. He would definitely have to report of he made over $400.
Answer:
The board most likely will not be held responsible.
Explanation:
The board of directors can legally defend themselves based on the Business Judgement Rule. This rule in contained in the <u>Corporations Act of 2001 - Section 180.</u> It states that any decision made in regards to the business operations should be:
- In good faith and not based on personal gain
- In the best interest of the corporation
- Based on information that supports the decision
For this particular case, the board based their decision on <em>previous market research</em> that received positive feedback.
Answer:
The answer is: Union shop
Explanation:
Union shop refers to an agreement between a company and a labor union making it mandatory that all employees must belong to the labor union or if they are hired recently, they must join the union within a certain period of time.
In this case the time given to Max was 8 weeks for him to join the union or he would not be able to work there.
