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likoan [24]
3 years ago
15

1. Why do most companies adhere to GAAP for their basic internal financial statements? a. GAAP is required by law for publicly h

eld companies. b. To use GAAP and another system of reporting would be too costly for most companies. c. Accountants are required by their code of ethics to use GAAP accounting. d. Accrual accounting provides a uniform method to measure an organization’s financial performance.
Business
1 answer:
ale4655 [162]3 years ago
5 0

The most companies adhere to GAAP for their basic internal financial statements because accrual accounting provides a uniform method to measure an organization’s financial performance.

<u>Option: D</u>

<u>Explanation:</u>

The corporations are accountable for reporting on their cash flows, profit-making activities and general financial conditions as per Generally Accepted Accounting Principles (GAAP). It contains the three main financial declarations: the declaration of income, the balance sheet, the declaration of cash flow. The balance sheet of an enterprise lists resources and places them equivalent to the liabilities and equity of the investor. Those three sections show what an organization owns and how it funds its activities.

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The first sentence in the paragraph helps to _______ the main idea of the paragraph.
AlladinOne [14]
Maybe, it is introduce. 
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4 years ago
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otal Labor Variance Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.01 hours. During the m
nikklg [1K]

Answer:

$78,750 unfavorable

Explanation:

Total labor variance can be divided into direct labor efficiency variance and the direct labor rate variance

Direct labor efficiency variance (DLEV):

DLEV = (Expected labor hours - actual labor hours)*standard rate

DLEV=(0.01*510,000 - 13,000)*7,50\\DLEV = -59,250

Direct labor rate variance (DLRV):

DLRV = Actual labor hours * (Standard Rate - Actual Rate)

DLRV = 13,000*(7.50 - 9.00)\\DLRV = -19,500

Since both values are negative, they are both unfavorable and the total labor variance (TLV) is given by:

DLRV = 13,000*(7.50 - 9.00)\\DLRV = 59,250 + 19,500\\TLV = \$ 78,750 \ unfavorable

4 0
3 years ago
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 20
poizon [28]

Answer:

The transaction recorded are shown in the below table.

Explanation:

According to the scenario, the following transaction according to the perpetual system can be recorded as follows :

Date                        Particulars                    Debit                    Credit

Feb.9                   Purchase Inventory              $54,000

                            Accounts payable                                            $54,000

Mar.7                   Accounts Receivable            $74,000

                            Sales inventory                                                    $74,000

Mar.7                    Cost of goods sold                    $54,000

                            Inventory                                                              $54,000

6 0
3 years ago
Jessica is required to follow a forty-hour work schedule from 9:00 in the morning and ends at 5:00 each day, every week. However
HACTEHA [7]

Answer: Variable work schedule

Explanation:

Variable work schedule is a work schedule that is not fixed. Variable work schedule is a way through which the employees cover their work schedule in cases whereby they don't come to work for certain days.

In the question, Jessica is expected to work for forty-hours every week and her work schedule is from 9:00a.m to 5:00p.m. If she takes a day off, she has to make up for the day used by working extra hours. This is a variable work schedule.

7 0
3 years ago
If a firm sells a prestige product, what kind of relationship between price and quantity demanded should it expect?.
solmaris [256]

For a firm that sells a prestige product, the relationship between price and quantity demanded is a <u>positive direct relationship</u>.

<h3>Why is the relationship between demand and price of prestige products direct?</h3>

The relationship between the demand and price of prestige products is direct because prestige products tend to sell better at high prices than at low prices.

And when the quantity demanded increases, the price tends to increase.

An example of a prestige product is an old car.

Thus, for a firm that sells a prestige product, the relationship between price and quantity demanded is a <u>positive direct relationship</u>.

Learn more about the demand for prestige products at brainly.com/question/6374886

3 0
2 years ago
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