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Lelu [443]
3 years ago
7

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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Pina Colada Corp. had beginning inventory of $16500 at March 1, 2017. During the month, the company made purchases of $71500. Th
patriot [66]

Answer:

The cost of goods sold is $68970

Explanation:

The cost of goods sold is the cost of inventory that a company sells in a partcular period.

The cost of goods sold can be calculated as,

Cost of Goods sold = Opening inventory + Purchases - Closing Inventory

Cost of Goods Sold = 16500 + 71500 - 19030  = $68970

4 0
3 years ago
The Chinese political environment is very:
VikaD [51]

Answer:

Strict about it's people and not a lot of people own cars. I thinks that's China or that's North Korea. In not sure

3 0
3 years ago
At the beginning of the period, the Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fix
Scorpion4ik [409]

Answer:

Total cost= $385,000

Explanation:

Giving the following information:

Assembly Department budgeted direct labor of $110,000, direct materials of $170,000, and fixed factory overhead of $28,000 for 8,000 hours of production.

First, we need to calculate the unitary hourly rate for the department:

Total cost= 110,000 + 170,000 + 28,000= 308,000

Hourly cost= 308,000/8,000= $38.5

Now, for 10,000 hours:

Total cost= 38.5*10,000= $385,000

6 0
3 years ago
the biggest challenge facing the growth of new franchises is: A) market saturation B)competition from independent entrepreneurs
Furkat [3]

Answer:

(A) market saturation

Explanation:

A franchisee starts a new franchise by entering into a franchising agreement with a franchiser to use its brand name and sell its products. The biggest challenge faced by this new franchise is market saturation.

This occurs because<u> the presence of other similar businesses, whether franchises or independently owned businesses in the market, creates lots of competition for the new franchise.</u>

6 0
3 years ago
Empirical studies of returns earned by mutual funds suggest they consistently outperform the market.True or False?
VMariaS [17]

Answer:

False

Explanation:

Studies of mutual fund performance indicate that mutual funds that outperformed the market in one time period usually do not beat the market in the next time period.

7 0
3 years ago
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