1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tiny-mole [99]
3 years ago
10

Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Match the letter n

ext to each statement corresponding to the quality involved.
A. Comparability D. Consistency
B. Understandability E. Relevance
C. Verifiable F. Faithful representation
1. A company uses the same accounting principles from year to year.
2. Information that is free from error.
3. Information presented in a clear and concise fashion.
4. Information that makes a difference in a decision.
5. Information accurately depicts what really happened.
Business
1 answer:
PilotLPTM [1.2K]3 years ago
3 0

Answer:

Explanation:

1. A company uses the same accounting principles from year to year.(CONSISTENCY)

2. Information that is free from error.(VERIFIABLE)

3. Information presented in a clear and concise fashion.(UNDERSTANDABILITY)

4. Information that makes a difference in a decision.(RELEVANCE)

5. Information accurately depicts what really happened.(FAITHFUL REPRESENTATION)

To have a standard financial statement in accounting , there's are some qualities that are needed to put into consideration such as fundamental qualities as well as Enhancing quality of accounting. fundamental qualities are needed to obtain relevancy and reliability in preparing accounting statement.Enhancing quality of accounting are also to have

Comparability,Consistency, Understandability, Relevance, Verifiable

as well as Faithful representation

You might be interested in
HELP ASAP! GIVING BRAINLIEST! PLS CORRECT ANSWER
raketka [301]

Answer:

Explanation:

how much are you making on your investment? calculate: $1,500 * 8.5%. what do you pay in interest on your card? you do the math: $1,600 * 19%. looks like a huge loss of money, right? enter the loss as a negative value.

4 0
3 years ago
Valet Corporation began operations in 2021. An analysis of Valet's debt securities portfolio acquired in 2021 shows the followin
Alexxandr [17]

Answer:

$20,000

Explanation:

Calculation for What amount should Valet report in its 2021 income statement for unrealized holding loss

Using this formula

2021 income statement for unrealized holding loss=Aggregate cost -Aggregate Fair value

Let plug in the formula

2021 income statement for unrealized holding loss=$ 180,000-$ 160,000

2021 income statement for unrealized holding loss=$20,000

Therefore the amount that Valet should report in its 2021 income statement for unrealized holding loss is $20,000

3 0
2 years ago
If the price of a $10,000 par Treasury bond is $10,275.00, the quote would be listed in the newspaper as ________.
scoray [572]

Answer:

Hence, the quote that should be listed in the newspaper is 102.024

Explanation:

The computation of the quote that should be listed in the newspaper is shown below:

Quote would be listed is

= $10,275 ÷ $10,000 × 100

= 102.75

= 102 : 0.75 × 32

= 102.024

Hence, the quote that should be listed in the newspaper is 102.024

hence, the same is to be considered by taking all the information given in the question

7 0
2 years ago
Bob Jensen Inc. purchased a $650,000 machine to manufacture specialty taps for electrical equipment. Jensen expects to sell all
wolverine [178]

Answer:

?????????????????????

Explanation:

5 0
3 years ago
The following adjusted trial balance contains the accounts and year-end balances of Cruz Company as of December 31.
vova2212 [387]

Answer:

CRUZ COMPANY

1. Closing Entries:

No. Account Title             Debit      Credit

901 Income Summary  $33,100

612 Depreciation expense

—Equipment                                  $3,000

622 Salaries expense                  22,000

637 Insurance expense                 2,500

640 Rent expense                         3,400

652 Supplies expense                  2,200

To close expenses to the Income Summary.

404 Services revenue $44,000

901 Income Summary                    $44,000

To close Service Revenue to the Income Summary.

318 Retained earnings $37,600

901 Income Summary (Retained Earnings) $37,600

To close the Retained Earnings of prior year to Retained Earnings section of the Income Summary.

901 Income Summary

    (Retained Earnings) $7,000

319 Dividends                                    $7,000

To close the Dividends to the Retained Earnings section of the Income Summary.

2. CRUZ COMPANY

Post-Closing Trial Balance

As of December 31

No. Account Title             Debit      Credit

101 Cash                        $ 19,000

126 Supplies                    13,000

128 Prepaid insurance     3,000

167 Equipment               24,000

168 Accumulated depreciation

—Equipment                                  $ 7,500

307 Common stock                        10,000

318 Retained earnings                    41,500

Totals                        $ 59,000   $ 59,000

Explanation:

a) Data and Calculations:

CRUZ COMPANY

Trial Balance

As of December 31

No. Account Title             Debit      Credit

101 Cash                        $ 19,000

126 Supplies                    13,000

128 Prepaid insurance     3,000

167 Equipment               24,000

168 Accumulated depreciation

—Equipment                                  $ 7,500

307 Common stock                        10,000

318 Retained earnings                   37,600

319 Dividends                  7,000

404 Services revenue                   44,000

612 Depreciation expense

—Equipment                    3,000

622 Salaries expense  22,000

637 Insurance expense 2,500

640 Rent expense         3,400

652 Supplies expense 2,200

Totals                        $ 99,100    $ 99,100

b) Income Summary for the year ended December 31:

Revenue                   $44,000

Expenses                   (33,100)

Net Income              $10,900

Retained Earnings    37,600

Dividends                  (7,000)

Retained Earnings $41,500

5 0
3 years ago
Other questions:
  • 1-Which of the following is a trait that is shared by managers who are adept in the organizing function?
    9·1 answer
  • If businesses use the internet to find less expensive resources, what will be the impact on productivity
    6·2 answers
  • All​ organizations, including service firms such as banks and​ hospitals, have a production function.
    14·2 answers
  • When external benefits are present in a market?
    6·1 answer
  • these students are known as the primary grades question 8 options: a) elementary school b) middle school c) high school
    14·2 answers
  • Items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items a
    14·1 answer
  • 7. The local electronics store is offering a promotion "1-year: same as cash," meaning that you can buy a TV now, and wait a yea
    7·1 answer
  • At the end of its first month of operations, Michael's Consulting Services reported net income of $31,600. They also had account
    15·1 answer
  • The standard amount of materials required to make one unit of Product Q is 4 pounds. Tusa's static budget showed a planned produ
    10·1 answer
  • Which is considered to be a coincident economic indicator? a stock market prices b corporate profits c index of industrial produ
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!