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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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Some interviewers may use questions to lead the client and sell their own points of view. This is known as ________. a. ​questio
mars1129 [50]

Answer:

The correct answer is letter "A": questions as statements.

Explanation:

Using questions as statements is a selling technique in which the salesperson allows the prospective buyers to lead the interview by their ideas about a project so they implicitly assume they are having the approval of the salesperson on their thoughts which will make them feel more comfortable about the product, thus, increasing the possibility of them making the purchase. Clerks must make sure that most of the ideas of the buyers match the product they are attempting to acquire no to give consumers a false expectation.

7 0
3 years ago
What is the rationale for the internal control principle, segregation of duties? select one:
liq [111]
The rationale for internal control principle, segregation of duties is that the work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee. Segregation of Duties is a basic building block of sustainable risk management and internal controls for business. It is based on shared responsibilities of a key process that disperses the critical functions of that process to more than one person or department.
5 0
3 years ago
President Obama praised Cumberland Farms, a convenience store chain based in Framingham, Massachusetts, for empowering its emplo
Elina [12.6K]

Answer:

A) Communicate regularly about the firm’s progress toward meeting its strategic objectives as well as the threats and weaknesses that pose challenges.

D) Adopt a compensation plan that pays employees more when the company meets its goals.

Explanation:

If Cumberland Farms wanted to take other actions to empower its workforce, they should consider communicate regularly about the firm’s progress toward meeting its strategic objectives as well as the threats and weaknesses that pose challenges. this will allow employees to have a better idea of the company and can make better decisions.

They must also adopt a compensation plan that pays employees more when the company meets its goals which would motivate employees to make decisions that would benefit the company and work harder.

5 0
3 years ago
QUESTION 2 / 10
mash [69]
A. Would be the best answer
3 0
3 years ago
At the close of its first year of operations, December 31, 2010, Ming Company had accounts receivable of $540,000, after deducti
masha68 [24]

Answer:

The company report on its balance sheet at December 31, 2010, as accounts receivable before the allowance for doubtful account is $590,000

Explanation:

The computation of the accounts receivable before the allowance is shown below:

= Beginning account receivable balance + bad debt expense -  uncollectible accounts receivable

= $540,000 + $90,000 - $40,000

= $590,000

The bad debt is an expense so it will be added whereas the account receivable which is not yet collected should be deducted in the computation part.  

4 0
2 years ago
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