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Virty [35]
3 years ago
5

Jim operates his business on the accrual method and this year he received $4,000 for services that he intends to provide to his

clients next year. Under what circumstances can Jim defer the recognition of the $4,000 of income until next year?
Business
1 answer:
Ainat [17]3 years ago
7 0

Answer:

He can choose to defer the recognition of the income until next year, only if the income is not recognized for financial accounting purposes.

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Answer:

The correct answer is letter "D": pertains to sub-units of the entity and may be very detailed.

Explanation:

Managerial Accounting is<em> internally-based accounting</em> that helps managers measure the results of their decisions. This is in contrast to financial accounting which emphasizes more general, higher-level financial results. One common managerial accounting tool is determining the <em>profit margin in each of the company's products</em>. This information helps managers set product prices and ensure that they are making appropriate profit margins.

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Which of the following statements is CORRECT?a. Ethical behavior is not influenced by training and auditing procedures. People a
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Answer: b. . If someone deliberately understates costs and thereby causes reported profits to increase, this can cause the stock price to rise above its intrinsic value. The stock will probably fall in the future. Both those who participated in the fraud and the firm itself can be prosecuted.

Explanation:

Ethics in business ad organization is very vital towards the accomplishment of goals in every organization. Ethical behavior can be influenced by training and auditing procedures.

It should be noted that when someone understates the cost intentionally maybe with the person trying to steal from the company. This can lead to the reported profits of the company to increase, and thereby cause the stock price to rise above its intrinsic value.

If eventually the stock will fall in the future, everyone who took part in this fraudulent activity and even the company itself can be prosecuted. Performing in fraudulent activities by a company or its workers will make the individuals or the company lose the trust of its clients.

Option B is the correct answer.

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