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Anna35 [415]
2 years ago
10

Identify the basic assumption or broad accounting principle that was violated in each of the following situations.

Business
1 answer:
andrezito [222]2 years ago
6 0

Answer:

1) expense recognition principle: expenses are recognized when they are consumed.

2) historical cost principle: a company must record its assets, liabilities, and equity investments at their original costs.

3) economic entity principle: the company's transactions should be kept separate from those of its owners or upper management.

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Answer:

The correct option is D

Explanation:

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3 years ago
Manufacturers follow four steps to implement a manufacturing overhead allocation system. The last step is to:
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1) Obtain a detailed list of all general manufacturing costs.

2) Choose an allocation base (machine hours, direct labor hours) to divide the general factory costs by this allocation base and assign general costs to each production unit.

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3 years ago
Which terms is defined as a conflict of interest between the corporate shareholders and the corporate managers?
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Answer: Agency problem

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Agency problem  is the issue rises when the agents fails to display appropriate interest of principles.This interest conflict usually occurs between the organisation's stakeholder and management.

In this situation,manger is the person who usually acts as the agent for providing best interest to the stakeholder to increase their wealth and benefit.But if failure in this case occurs , then conflict is experienced between both the parties.

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2 years ago
Kellen orders 1,000 pounds of strawberries from Lucy so he can make his famous strawberry sundaes at his ice cream store. Lucy s
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Answer:

B. Rescission and Restitution

Explanation:

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When using the Euromarkets, companies ____.?
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