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3 years ago

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

Business

1 answer:

andrey2020 [161]3 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 <u>standard</u> and not only broad guidelines of general application and this will imply that GAAP has a <u>substantial authoritative support.</u>

<u></u>

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

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Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally h

den301095 [7]

Answer:

Net income allocated to sally is $112000

Explanation:

Sally invested $200000 and Andy invested $100000, which means Andy's investment is half of Sally's investment. So he will receive the half of what Sally will get.

Let

Sally's pay be x

Andy's pay be x/2

Total Net income is 168000 dollars.

So, putting it in an equation, we get

(x+x/2)=168000

x(1+0.5)=168000

x(1.5)=168000

x= 168000/1.5

x=112000

So Sally's share will be $112000

Andy's share will be x/2

=112000/2

=56000

So Andy share will be $56000

4 0

3 years ago

Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is drive

11111nata11111 [884]

Answer:

The answer is "4200"

Explanation:

Please find the complete question in the attached file:

Calculating the variable cost in km:

$= \frac{(105,000 \times 0.114 - 70,000 \times 0.134)}{(35,000)} \\\\ = \frac{(11,970 - 9,380)}{(35,000)} \\\\ = \frac{2,590}{(35,000)} \\\\ =0.074$

Calculating the fixed cost:

$= (105,000 \times 0.114) - (105,000 \times 0.074) \\\\ = (11,970) - (7,770) \\\\=4,200$

3 0

3 years ago

A tariff:_________.

Sergio [31]

Answer:

<h2>C. Makes domestic consumer worse off. </h2>

Explanation:

A tariff is levied on the exports and imports between two countries. It is meant to regulate the foreign trade and encourage the domestic industries and safeguard them from the competition of foreign goods. Tariffs are source of income for states. Tariffs and import export quotas are most used instruments of protectionism. Tariffs are fixed or variable.

It can put the domestic consumer in an advantageous position as due to tariffs they would not be able to get less costly products.

8 0

3 years ago

Lok Co. reports net sales of $4,970,000 for Year 2 and $8,532,000 for Year 3. End-of-year balances for total assets are Year 1,

Mumz [18]

Answer:Assets turnover ratio Year 2 =2.87 times

Assets turnover ratio for Year 3 = 4.58times

Explanation:

The total assets turnover is calculated as = Net Sales / Average total assets

also,

Average total assets = (Beginning assets + Ending Assets) / 2

Average total assets for Year 2 = ($1,684,000 +$1,780,000)/ 2 =$1,732,000

Average total assets for Year 3 = ($1,780,000 + $1,949,000 )/2 =$1,864,500

Assets turnover ratio Year 2 =$4,970,000 / $1,732,000 = 2.87 times

Assets turnover ratio for Year 3 = $8,532,000 / $1,864,500 = 4.58times

6 0

3 years ago

Read 2 more answers

NOVA Chemicals is a plastics and chemical company whose products are used in a wide variety of applications, including food and

yaroslaw [1]

Answer:

Targeting.

Explanation:

In marketing, Targeting refers to dividing your whole market into specific groups, and focus all your marketing effort to the group that is most likely would find your product relevant and appealing.

In the example above, we now that NOVA only markets its plastic chemical products to food and electronics industry because these industries have a lot more application for NOVA's product compared to other industries.

(For example, the food industries could use the plastic products for their packaging and utensils. The electronic industries could use NOVA's product for its product's structure.)

4 0

3 years ago