Answer:
b The accrual basis records revenues when services or products are delivered and records expenses when incurred; AND -
d. The cash bases records revenues when cash is received and records expenses when cash is paid
Explanation:
Accrual basis of accounting states that transactions are recorded based on when they are entered into, irrespective of the cash exchange done or not. Revenues are recognised when buyer's liability to pay has been established, expenses are recorded when our liability to pay has been established. Debtors & Creditors, outstanding & prepaid expenses, accrued & prepaid income are all implications of this basis.
Cash basis of Accounting states that transactions are recorded based on when cash exchange has occurred. 'Liability to pay' or 'obligation to receive' have no relevance in this, it is only evaluated on the basis of cash transactions. 4 implications given in accrual basis are also inapplicable here.
Accrual basis is the more generally accepted one than cash basis, as it gives a true picture of enterprise performance in an accounting period.
Answer:
$192,000
Explanation:
Data provided in the question:
Value of the house with three bedrooms, 2.5 bathrooms, and no patio = $200,000
Value of half bath = $10,000
Value of patio = $2,000
Now,
The comparable house has 0.5 bath less and 1 patio
Therefore,
While calculating the adjusted value of the comparable value of half bath will be deducted and value of patio will be added
Thus,
The adjusted value of the comparable = $200,000 - $10,000 + $2,000
= $192,000
In my opinion this statement or the student version of this statement that they based on the book of "Howard, C. D., Barrett, A. F., & Frick, T. W. (2010). Anonymity topromote peer feedback: Pre-service teachers' comments inasynchronous computer-<span>mediated communication" is not PLAGIARISM. They just depend on this book regarding the word they will used.</span>
Answer:
Option C is correct one.
Explanation:
Greg recognizes no loss last year and a $4,000 loss this year.
Answer:
Financial accounting standard-setting in the United States can be described as a social process which reflects political actions of various user groups as well as a product of research and logic.Hence,option A is correct.
Explanation:
The financial accounting standard-setting in the U.S. is heavily rule-based.By rule-based,I mean there is a strong government interest in the way corporations report their financial performance to various stakeholder groups.
Serbanes-Oxley Act is a strong indication that the political class is keeping a tab on the financial reporting framework and results of the various companies operating in the different sectors of the economy.
