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Serga [27]
4 years ago
7

What essential characteristics would you include in your explanation of ""generally accepted accounting principles or standards"

"?
Business
1 answer:
Eduardwww [97]4 years ago
4 0

Answer:

Financial accounting practise is governed by concepts and rules known as generally accepted accounting principles <em>GAAP </em>. To use and interpret financial statements effectively we need to understand these standards. If these standards are not understood implemented or maintained the companies would fail to achieve their targets and lose all the business.

A main purpose of GAAP is to make information in financial statements relevant reliable and comparable. Relevant information affects the decision of its users. Reliable information is trusted by users. Comparable information is helpful in contrasting organizations.

An audit examines whether financial statements are prepared using GAAP. It does not attest to the accuracy of the statements.

State ethics codes requires CPAs who audit financial statement to disclose areas where those statements fail to comply with GAAP. If CPAs fail to report non compliance , they can lose their licenses and subject to criminal action and fines.

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Great Harvest Bakery purchased bread ovens from New Morning Bakery. New Morning Bakery was closing its bakery business and sold
ddd [48]

Answer:

Particulars                                  Amount

Purchase price                         $700,000

Add: Freight cost                     $35,000

Add: Electrical connections    $5,000

Add: Labor costs                      $37,800

Add: Bred dough used            $900

Add: Safety guards                  <u>$1,500</u>

Total cost of Equipment         <u>$780,200</u>

<u></u>

Note: Repairs cost of $5,000 will not be included

5 0
3 years ago
Your career goals might help determine the postsecondary educational institute you attend.
Phantasy [73]

Answer:

true

Explanation:

What you do now or what your planning on doing can always determines what you can possibly do next. But you have to make sure your not doing or posting anything bad on the internet or else they won't hire you.

7 0
4 years ago
Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' _
hram777 [196]

Answer:

Needs, wants, and ability to purchas

Explanation:

There is no reason to focus on consumer needs thousands of years ago. But we can say that technological advances and communication are wreaking havoc in this regard. Trends and fashions mark each day more than we want to obtain, consume and buy. And that has multiplied by a thousand in the last hundred years

3 0
3 years ago
Which of the following best describes how consumers make financial decisions in a market economy? A. The media forces consumers
notka56 [123]

Answer:

B. They make choices based on their self-interests.

Explanation:

A market economy can be defined as the economy of a country where by the government has a minimal influence or intervention on how the market operates.

A market economy is regulated by the individuals that owns the businesses in that economy. These individuals have the ability to direct resources that they need from production to their firms and businesses.

A market economy is largely or greatly influenced and regulated by the rate of supply and demand. Consumers in a market economy have to sometimes paid a high price for the goods and services that they require. Consumers make financial decisions in a market economy by making their choices based on self interests.

A market economy is a very competitive economy because

a. the demand of goods and services by consumers have increased therefore this results in an increase in production of goods and services.

b. The producers tend to high innovative when producing this goods and services required by the consumers.

In a market economy, businesses and firms tend to have an increased of a very high rate of efficiency when producing goods and services such that they minimise or lower the cost of production while ensuring that they make high or huge amounts of profits.

4 0
3 years ago
PLEASE ANSWER QUICKLY: (FIRST ANSWER GETS BRAINLIEST)
Vladimir79 [104]
Answer : rent to own business !

shes paying for her to own it but still gets to take it home
5 0
3 years ago
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