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3 years ago

The U.S. GAAP Financial Reporting Taxonomy is an electronic dictionary of business reporting elements used to report ________.

Business

1 answer:

AnnZ [28]3 years ago

5 0

Answer: b. Business data

Explanation:

The U.S. GAAP Financial Reporting Taxonomy contains information pertaining to the standards enlisted by the U.S. securities and exchange commission (SEC) for an individual to submit information related to filing.

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The measure of how long a company holds inventory before selling it is called the

Valentin [98]

Inventory turnover !

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3 years ago

How to do a journal entry in accounting

Dovator [93]

Answer:

You should "Debit" one account in your general ledger and "Credit" another.

Explanation:

Example - you receive an invoice from your vendor for $100,000 (assuming non-VAT transaction). Your journal entry would look the following:

Debit: Expense $100,000

Credit: Accounts Payable $100,000

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4 years ago

If there is no comparative advantage in the production of either of the two goods produced by countries 1 and 2, then: ________

Sav [38]

Answer:

b. there are no gains from specialization and trade between the two countries.

Explanation:

If the two countries are producing goods with the same opportunity cost, then there is no need or advantage gained from the trade of goods between these two countries.

Usually, countries trade with each other if one has a comparative advantage of producing one good over the other trading country. Then in this case is can specialize in making that good and trade the excess to the other country.

However, in the case when two countries are producing apples and oranges. And opportunity cost producing orange for country 1 is one apple and same for country 2

Opportunity cost for Country 1 : 1 Apple = 1 Orange

Opportunity cost for Country 2 : 1 Apple = 1 Orange

Then countries will gain no additional benefit from specializing in one good.

7 0

3 years ago

What financial behaviors will typically lead to a low credit score?

levacccp [35]

The behavior that will typically lead to low credit score is <span>A. Maxed out credit cards
When people maxed out their credit cards, the credit card company will most likely to make additional charges before the balance is paid out. Maxed out credt cards would be interpreted as having uncontrollable consuming behavior and will result in low-credit card score.</span>

5 0

3 years ago

Infinity Corporation purchased equipment with a 10-year useful life and zero residual value for $10,000. At the end of the fifth

sesenic [268]

Answer:

a capital gain of $1,000.

Explanation:

Given,

The cost price of Equipment = $10,000

Useful life of the equipment = 10 years

Residual value = $0

Depreciation (Straight-line method) = Cost price/useful life

Depreciation (Straight-line method) = $10,000/10 = $1,000

Since, it is a straight line method, the depreciation will remain same each year. Therefore, at the end of the fifth year, the depreciation of equipment = $1,000 x 5 = $5,000

At the end of the fifth year,

The book value of the equipment= Equipment - Accumulate depreciation= $(10,000 - 5,000) = $5,000

If the company sales the equipment after the end of the fifth year,

there will be a capital gain.

Capital Gain of equipment = Sales price of equipment - book value of equipment

Capital Gain of equipment = $6,000 - 5,000 = $1,000. The journal entry will be -

Cash/Bank Debit $6,000

Accumulated Depreciation Debit $5,000

Gain on sale of equipment Credit $1,000

Equipment Credit $10,000

5 0

4 years ago