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liberstina [14]
3 years ago
14

Question 5 (60 points)

Business
1 answer:
Natasha2012 [34]3 years ago
5 0

Answer:

Classify each of the following account types by selecting options 1 through 5.

Explanation:

Question 5 options:

a) Office Building           Fixed Assets

b) Accounts Payable      Current Liabilities

c) Supplies                       Current Assets  

d) Land                             Fixed Assets

e) Equipment                  Fixed Assets  

f) Cash                              Current Assets

g) Salaries Payable         Current Liabilities

h) Brandon Jones, Capital  Equity

i) Accounts Receivable    Current Assets

j) Unearned Revenue   Equity

k) Mortgage                 Long-term Liability

l) Notes Payable           Long-term Liability

 

1. Current Assets

2. Current Liabilities

3. Fixed Assets

4. Long-term Liability

5. Equity

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Answer:

Budgets

Explanation:

Budgets are prepared for a future date and it creates a basic estimate and projection of future income and expenditures.

The income statement is prepared which presents the income and expenditure for a period which has lapsed.

Basically for a period that is past now. When future projections are created based on analysis and expectations then it is called budget.

Budgets reflects the expected performance of the company in the near future, based on the estimate about what the company members can perform.

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3 years ago
A major difference between ifrs and gaap relates to the revaluation surplus account. retained earnings account. share premium ac
AleksAgata [21]

A major difference between IFRS and GAAP relates to the  A  Revaluation Surplus Account.

A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.

This reserve is only used when the organization prepares its financial statements in accordance with International Financial Reporting Standards. No revaluation reserve is allowed for companies using generally accepted accounting principles.

A revaluation reserve is an equity account that stores changes in the value of fixed assets. If the revalued assets are subsequently disposed of by the company, the remaining revaluation reserve is credited to the company's retained earnings account.

Learn more about Revaluation here: brainly.com/question/19908089

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3 0
2 years ago
A plan for a career starting in two years:
r-ruslan [8.4K]

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Explanation:

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3 years ago
What is meant by market in the lower-of-cost-or-market rule?
Pavel [41]

Answer:

Stock is valued at lower of : cost or market price [prudence principle]

Explanation :

Prudence or Conservatism is an accounting principle : anticipating for all possible losses & expenditures, not anticipating for possible profits & gains. This makes business better prepared to face all contingent expenditures/ losses.

This concept's implication is that : Stock or Inventory is valued at the value whichever is lesser between 'cost of inventory' & sale price. This makes inventory valuation as per the above explained Prudence/ Conservatism principle.

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Carl transfers land with a fair market value of $120,000 and basis of $30,000, to a new corporation in exchange for 85 percent o
Lera25 [3.4K]

Answer: $15,000

Explanation:

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The amount of gain that Carl must recognize as a result of this transaction will be the difference between the liability the land is subjected to which is $45,000 and the basis of the land which is $30,000.

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