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2 years ago

Which of the following is not true of generally accepted accounting principles?

Business

1 answer:

andrey2020 [161]2 years ago

8 0

Answer:

(A) GAAP does not have substantial authoritative support.

Explanation:

Choices B to C are true about GAAP.

Now, Choice A is not true since GAAP also includes detailed procedures and practices that provide a standard and not only broad guidelines of general application and this will imply that GAAP has a substantial authoritative support.

Also it is called "Generally Accepted Accounting Principles" for this reason.

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What were the goals of the truman doctrine and marshall plan?

Colt1911 [192]

The goal was to help rejuvenate Europes among with other countries economic, political, and social status and to build them back up after WWII, not only that but it was more of. Humanitarian deed, to help those in need and to help them rebuild their lives.

3 0

2 years ago

On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month:

Sphinxa [80]

Answer:

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

h. Dr Salaries expense 2,800

Cr Cash 2,800

i. Dr Supplies expense 1,050

Cr Supplies 1,050

Explanation:

Preparation of Journal entry

a. Dr Cash 17,500

Cr Common Stock 17,500

b. Dr Supplies 2,300

Cr Account payable 2,300

c. Dr Cash 13,300

Cr Sales commission 13,300

d. Dr Rent expense 3,000

Cr Cash 3,000

e. Dr Account payable 1,150

Cr Cash 1,150

f. Dr Dividend 1,800

Cr Cash 1, 800

g. Dr Automobile expense 1,500

Dr Miscellaneous expense 400

Cr Cash 1,900

(1,500+400)

h. Dr Salaries expense 2,800

Cr Cash 2,800

i. Dr Supplies expense 1,050

Cr Supplies 1,050

8 0

2 years ago

You are evaluating a proposed expansion of an existing subsidiary located in Switzerland. The cost of the expansion would be SF

Marysya12 [62]

Answer:

Explanation:

First we need to calculate the expected spot rates for the next 5 years using IRP....

Please Kindly go through the attached files for how this and other questions you require answers to are solved step by step.

7 0

3 years ago

EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 4% preferred

xxMikexx [17]

Answer:

Ellajane Corporation - Journal Entries

Date Particulars Debit Credit

1-Mar Treasury Stock $35,000

To Cash $35,000

(Being 2500 shares of treasury stock purchased at $14 per share)

10-Apr Cash A/c (1250*$18) $22,500

To Treasury Stock (1250*14) $17,500

To Additional Paid in Capital $5,000

(Being 1250 shares of treasury stock sold at $18 per share)

12-Jun Cash A/c (1250*12) $15,000

Additional Paid in Capital A/c $2,500

To Treasury Stock (1250*14) $17,500

(Being 1250 shares of treasury stock sold at $12 per share)

4 0

2 years ago

Rick is a new product manager for a large biochemical firm. He is currently working on a proposal for a new chemical solvent and

serg [7]

Answer: Rick is a new product manager for a large biochemical firm. He is currently working on a proposal for a new chemical solvent and knows that introducing the new product can be risky because it might fail. He also knows that not introducing new products is risky as well.

Explanation: Launching new products to the market is essential if a company wants to survive. The development of new products is linked to the ability of a company to remain competitive and the longevity of a business. since as time passes new products are created better than the previous ones leaving them obsolete.

7 0

3 years ago