Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
It is known as competitive advantage.
Competitive advantage refers to factors that allow a company to produce goods or services more efficiently or at a lower cost than competitors. These components allow the manufacturing unit to generate more sales or profits than its competitors in the market.
It is the favorable position that a firm seeks in order to outperform its competition.
Competitive advantages are classified into two types: comparative advantages and differentiated advantages.
A company's comparative advantage is its ability to manufacture something more effectively than a rival, resulting in larger profit margins.
A differential advantage occurs when a company's goods are seen to be both distinctive and of greater quality than those of a rival.
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Answer:
Sara and Juan (Uncooperative Teammates)
The action that is least likely to improve their cooperation is:
4) Reassign their tasks so that they are working on very different aspects of the team’s project.
Explanation:
Option 4 makes it impossible for Sara and Juan to come together or work on an aspect of the team's project. It is the most unlikely way of improving cooperation between the two. If they continue being unwilling to work together, the team's productivity and morale will deteriorate. Resentment will grow as costs are overrun, causing loss of business and weakened workplace culture. Overall, the team will not be able to achieve its goals because the poor relationship will gradually permeate the team's spirit.
Answer:
$16,500
Explanation:
She invested = $12,000
Total money spent to acquire the policy = ($16,500 + $5000) = $21,500
Total money invested on policy = $21500 + $12000
Total money invested on policy = $33500
Money that sara got after angela died = $50,000
Therefore, the taxable proceed will be = $50,000 - $33,500 = $16,500
Answer:
$387.40
Explanation:
FICA Taxes ($2,600 x 7.65%) $198.90
State Unemployment Taxes $162.50
Federal Unemployment Tax $26.00
Employer's payroll tax expense for the week $387.40
Social Security and Medicare are combined called as FICA taxes and employer made the same contribution as of employee.
State and Federal Unemployment Tax is solely for employer only.
The rest are employee related taxes.
