A form of verbal contract. There is an agreement between Lee and Gayle; there is an offer, an acceptance of offer and consideration.
Answer:
In preparing a statement of cash flows under the indirect method, an increase in accounts payable would be reported or included as a(n):
source of cash.
Explanation:
Accounts payable are liabilities owed to suppliers for goods or services. They are listed on the balance sheet under current liabilities and on the cash flow statement under operating activities. When preparing the statement of cash flows, an increase in accounts payable is regarded as a source of cash while a decrease is regarded as a use of cash.
Answer:A. Leontief assumed that U.S. and foreign technologies were the same, while the Heckscher-Ohlin model assumes they are different
B. Leontief ignored land abundance in the United States
D. Leontief’s test distinguished between skilled and unskilled labor, but ignored capital.
Explanation:Leontief paradox is a Russian-American economist, his work was based on the work of Wassily W. Leontief he attempted to test the Heckscher–Ohlin theory ("H–O theory") empirically.
in economics tries to explain that a country with a higher capital per worker has a lower Capital per labor ratio in export than when compared to Import.
LEONTIEF IGNORED THE ABUNDANCE OF LAND IN MAKING HIS ASSUMPTIONS
HE ALSO CLASSIFIED THE U.S TECHNOLOGY AND OTHERS AS THE SAME WHICH IS NOT IN LINE WITH THE H-O MODEL ASSUMPTION.
LEONTIEF THEORY IGNORED CAPITAL DURING HIS TEST.
Companies must follow generally accepted accounting principles (gaap) for international financial reporting standards accounting reports
<h3><u>What are international financial reporting standards ?</u></h3>
- The International Financial Reporting Standards (IFRS) are a group of accounting guidelines that specify which kinds of transactions and events must be disclosed in financial statements.
- The International Accounting Standards Board created and maintains them (IASB).
- The IASB wants the rules to be implemented consistently across the world so that investors and other users of financial statements may compare the financial performance of publicly traded firms with that of their worldwide peers on an equal footing.
- More than 100 nations, including the European Union and more than two-thirds of the G20, currently utilize IFRS.
- International Accounting Standards (IAS), which were more traditional standards that IFRS superseded in 2000, are occasionally mistaken with IFRS.
To view more about GAAP refer to:
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Answer:
having lower overhead costs.
Explanation:
Robert started his company in his mother's garage so he did not have to pay rent or lease at the initial stage of his business. This gave him the opportunity to put his finances in essential aspects of his business.
Therefore he had an opportunity to reduce his overhead cost.
