Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
Answer:
idk the answer buh it made me answer a question sorry:(((((
Explanation:
The value of the item. ♀️
Answer:
The correct answer is the option A: unconscionable
Explanation:
To begin with, the reason why such prohibition from Marco to Fred is unconscionable is due to the fact that Marco already stated in a private contract that he agreed to sell the apartment to Fred by a certain price, therefore establishing that the property of the real estate now belongs to the other party, letting everyone else external to the contract know that the proper and new owner is Fred.
Secondly, it is understandable that now that Fred is the new owner of the apartment by contract then it is unfair and unreasonable that the old owner Marco prohibits him to do what he wants with the apartment.
Answer: $25,086
Explanation:
The bad debt written off is calculated by:
= Opening balance in Allowance for bad debts account + Bad debt expense - Closing balance in Allowance for bad debt
= 13,546 + 21,399 - 9,859
= $25,086
