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2 years ago

What is a purpose of having a conceptual framework?

Business

1 answer:

Alenkinab [10]2 years ago

8 0

Answer:

A) To enable the profession to more quickly solve emerging practical problems and to provide a foundation from which to build more useful standards.

Explanation:

A conceptual framework refers to a system of ideas and objectives that generate a consistent set of rules and standards. All CPAs work following accounting standards, e.g. US GAAP or IFRS. Without a conceptual framework, it would have been impossible to develop standard norms that apply to every accounting professional and that are used and required by all the companies, the markets and government regulators.

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Ellis issues 8.0%, five-year bonds dated January 1, 2018, with a $530,000 par value. The bonds pay interest on June 30 and Decem

Ket [755]

Answer:

1. Total interest rate is $166,790

2. Refer to the attached file for the straight-line amortization table for the bonds' life.

To record interest rate paid in 30th June 2018:

Dr Interest expenses 16,679

Dr Premium on bond payable 4,521

Cr Cash 21,200

To record interest rate paid in 31st Dec 2018:

Dr Interest expenses 16,679

Dr Premium on bond payable 4,521

Cr Cash 21,200

Explanation:

Total interest rate as followed : Interest payment - Premium on bond payable = 530,000 x 8% /2 x 10 - (575,210 - 530,000) =166,790.

6 0

3 years ago

Sailmaster makes high-performance sails for competitive windsurfers. Below is information about the inputs and outputs for one m

harina [27]

Answer:

Productivity in sales revenue/labor expense = 4.01

Explanation:

We know,

Productivity = Sales Revenue ÷ Labor Expense

Again, we know

Sales revenue = Total number of units sold × Sales price per unit

Given,

units sold = 1,214

Sales price per unit = $1,697

Putting the values in the formula,

Sales revenue = 1,214 × $1,697 = $2,060,158

Labor Expense = Total labor hours × Wage rate per hour

Given,

Total labor hours = 46,675

Wage rate per hour = $11

Putting the values in the formula,

Labor Expense = 46,675 hours × $11 = $513,425

Therefore,

Productivity = $2,060,158 ÷ $513,425

Productivity = 4.01

8 0

3 years ago

Shontelle received a gift of income-producing property with an adjusted basis of $49,000 to the donor and fair market value of $

Ugo [173]

Answer:

The recognized gain or loss is -$4000.

Explanation:

Gift property value = $49000

fair market value = $35000

realized loss = sale price - fair market value

= $31000 - $35000

= -$4000

Therefore, The recognized gain or loss is -$4000.

4 0

3 years ago

Determine if the statement is true or false.

o-na [289]

That statement is true

In united states, there are only two things that considered as a primary source of criminal law.

The first one is the court ruling that is made by both state and supreme courts. The second one is the legislation that are passed by the representatives in state and federal government.

4 0

3 years ago

Proofreading is an important phase of the writing process. Careful proofreaders check for errors in spelling, grammar, punctuati

mihalych1998 [28]

Answer:

Reading the following sentence, and to identify any mistakes “Proofreading is an important phase of the writing process. Careful proofreaders check for errors in spelling, grammar, punctuation, names, numbers, and formatting. When checking spelling, do not rely too heavily on your computer’s spell checker”

This sentence is correct without any revisions.

The above section doesn't contain any spelling and comma mistakes. The spelling of the considerable number of words are right and utilization of comma accentuation is proper.

3 0

2 years ago