Answer: Virtual team
Explanation: A virtual team is seen as a group of people who work jointly from distinct locations and depend on the exchange of information through the use of technology like fax, email, audio, and video conferencing assistance in order to cooperate and work together.
In this scenario, the USDOT created a national team which comprises a group of experts to work together in achieving their laid out tasks in the US. They won't be needing to meet in person as they communicate with telecommunication and information technology.
Answer:
On the sale of this building, the company should recognize:_______
c. A gain of $600,000
Explanation:
a) Data and Calculations:
The cost for the Purchase of building on January 1, 2010 = $850,000
Accumulated depreciation as of December 31, 2014 = 200,000
Book value of building as of December 31, 2014 = $650,000
Sale proceeds on January 1, 2015 = $1,250,000
Gain from the sale of the building = $600,000
Answer: The correct answer is "firms offer different levels of service".
Explanation: Firms might charge different prices for the same product even when transactions costs are zero and the product can be resold if the <u>firms offer different levels of service. </u>Because depending on the level and quality of the service offered they may charge a higher or lower price.
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Answer:
The going-concern assumption - one reason for valuing assets such as buildings and equipment at cost rather than at their current market values is the assumption that the business will use these assets rather than sell them.
Explanation:
Accounting valuation is the process by which a company compares it's assets and liabilities for reporting purposes.
The generally accepted accounting practices (GAAP) are a set of rules that guide accountants in recording and reporting financial transactions.
These principles ensure uniformity in how transactions are treated by all accountants.
There are 5 of these principles:
- Revenue principle
- Expense principle
- Matching principle
- Cost principle
- Objectivity principle
The going concern assumption is not part of GAAP but rather is an accounting concept that assumes that a business will remain in operation.
In financial statements it is required disclosures are made when a business is going to fail. In this instance it is no longer a going concern
