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Gnesinka [82]
3 years ago
6

The hierarchy of qualitative characteristics of financial information require that, in order to be useful for decision making, i

nformation should possess the fundamental characteristics of?
Business
1 answer:
Effectus [21]3 years ago
8 0

Answer:

Relevance and faithful representation

Explanation:

The is a general consensus that accounting information must possess certain basic characteristics for it to be useful to the users of financial statement. The International Accounting Standards Board (1ASB) gave voice to this assertion when it prescribes some basic characteristics of accounting information which are 1. Understandability 2. Relevance 3. Reliability 4. Comparability. 5.    Materiality. 6.  <em>Faithful representation.</em> 7. Substance over Form. 8. Neutrality. 9. Prudence. 8. Timeliness. 9. Completeness.

Faithful representation is the requirement that financial statement must be accurate and  must show a true and fair view of the position of the business.

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Twenty additional kayakers pay $3,000 ($150 each), in addition to the $4,000 that was paid in advance on July 30, on the day of
lisabon 2012 [21]

Answer:

Dr Cash (3,000)

Cr Deferred Revenue (4,000)

Cr Service Revenue (Clinic) (7,000)

Explanation:

Preparation of the appropriate journal entry

Since we were told that kayakers pay the sum of $3,000 at $150 each, by adding to the $4,000 that was already paid in advance on July 30 this means we have to record the transaction by Debiting Cash with the amount of (3,000); Crediting Deferred Revenue with the amount of (4,000) and Crediting Service Revenue (Clinic) with the amount of (7,000)

Note that the credit side of the transaction which is Deferred Revenue of 4,000 -Service Revenue (Clinic) of 7,000 will give us (3,000)

Journal entry

Dr Cash (3,000)

Cr Deferred Revenue (4,000)

Cr Service Revenue (Clinic) (7,000)

7 0
3 years ago
How would you respond to your manager in the meeting?
anygoal [31]

What is the topic about? I need more details.

3 0
3 years ago
Read 2 more answers
In the context of the Situational Leadership model which of the following was defined as the extent to which a leader spells out
loris [4]

The extent to which a leader explains their roles and obligations to a person or group is known as task behavior. Giving instructions on what to do, how to do it, when to do it, and where to do it is a part of this conduct.

<h3>The definition of situational leadership is which of the following?</h3>

Situational leadership is the practice of adapting your management style to the needs of the team or specific team members in each unique situation or assignment. Paul Hersey and Ken Blanchard established the Situational Leadership Theory in 1969.

<h3>Which four contextual factors influence leadership?</h3>

Every leader should be aware of the four key elements of leadership: the led, the leader, the situation, and the communication. When exercising leadership, all four criteria must constantly be taken into account.

To know more about behavior visit:-

brainly.com/question/8871012

#SPJ4

5 0
1 year ago
If the recent financial crisis raises awareness about the dangers of not saving, leading to an increase in overall savings rates
Scilla [17]

Answer:

supply of; a decrease

Explanation:

If the recent financial crisis raises awareness about the dangers of not saving, leading to an increase in overall savings rates across the country, the loanable funds market will experience an increase in the supply of loanable funds and a decrease in equilibrium interest rates.

6 0
3 years ago
Break-Even Sales and Sales to Realize Operating Income For the current year ending December 31, McAdams Industries expects fixed
Ymorist [56]

Answer:

a.

Break even sales in units = 93000 Units

b.

Sales in units required for Target Income = 118000 units

Explanation:

a. Anticipated Break even sales in units

The break even in units is the number of units that a business must sell in order to for its total revenue to be equal to total costs and for it to break even. The break even in units is calculated as follows,

Break even in units = Fixed Costs / Contribution margin per unit

Where,

Contribution margin per unit = Selling price per unit - Variable cost per unit

Break even sales in units = 1860000 / (125 - 105)

Break even sales in units = 93000 Units

b. Operating income

To calculate the number of units required to earn a certain income or profit, we simply use the break even equation and add the income or profit amount required in the fixed cost. Thus the sales in units required to earn an operating income of $500000 is,

Sales in units required for Target Income = (1860000 + 500000) / (125 - 105)

Sales in units required for Target Income = 118000 units

3 0
2 years ago
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