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Wewaii [24]
3 years ago
10

The sole responsibility of management with regard to financial reporting involves preparing and presenting financial statements

in accordance with the applicable financial reporting framework
(A) True
(B) False
Business
1 answer:
postnew [5]3 years ago
4 0

Answer:

The answer to this question is True.

Explanation:

The one and only responsibility of the management towards financial reporting involves presenting the financial statements that were prepared by the them that is in accordance to the financial reporting framework that is applicable.

Hence the answer to this question is True.

You might be interested in
Fundamental areas of management in supply chain operations management include:____________
inessss [21]

Answer:

<u>1.</u> Quality, Inventories, and Processes.

Explanation:

6 0
2 years ago
The most useful allocation basis for the departmental costs of an advertising campaign for a storewide sale is likely to be: Mul
azamat

Answer:

Proportion of sales of each department.

Explanation:

Advertising expense directly effects the sales of the business. As the campaign is made store-wide sales and it does not directly traceable to any specific department. It need proper basis for allocation of expenses. The proportion of sales of each department is the most suitable basis from all of the given options because the share of benefit from the campaign is received in the form of sale. A campaign might mostly effects the sales.

3 0
3 years ago
Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and
Tamiku [17]

Answer: D. $40,175

Explanation:

The balance in the Capital account reported on the Statement of Owner's Equity will include the Capital contributions of Andrea Apple to the business as well as the Net income from operations also known as Retained Earnings.

The Net Income for the month will be revenue less expenses.

Revenue

$5,700 cash and $2,750 on account for services provided in January.

Revenue is therefore,

= 5,700 + 2,750

= $8,450

Expenses

Expenses include the rent paid of $1,500 and the $275 paid for January Utilities.

= 1,500 + 275

= $1,775

Net Income = Revenue - Expenses

Net Income = 8,450 - 1,775

Net Income = $6,675

The Capital that Mr. Apple brought into the business refers to anything he contributed to the business whether in cash or otherwise.

The Capital therefore is,

- The $13,500 cash and the $20,000 worth of equipment.

The Capital Mr. Apple brought into the business is therefore,

= 13,500 + 20,000

= $33,500

The balance on the capital account will therefore be,

= Capital + Net Income

= 33,500 + 6,675

= $40,175

Option D. is correct.

3 0
2 years ago
2. As a teenager, why might creating a budget be important?
Vadim26 [7]

A budget can help teens start to discern between genuine needs and wants and will show them where their money is going each month. A good budget will provide for both needs and at least some wants and should be flexible and relatively easy to use and understand.

6 0
2 years ago
Read 2 more answers
Ferkil Corporation manufacturers a single product that has a selling price of $100 per unit. Fixed expenses total $225,000 per y
ahrayia [7]

Answer:

Break-even point in units= 6,500 units

Explanation:

Giving the following information:

Selling price per unit= $100

Fixed expenses total $225,000 per year

Break-even point= 5,000

Desired profit= $67,500

<u>First, we need to calculate the contribution margin per unit:</u>

Break-even point in units= fixed costs/ contribution margin per unit

5,000= 225,000 / contribution margin per unit

contribution margin per unit= 225,000/5,000

contribution margin per unit= $45

<u>Now, we can determine the number of units to be sold:</u>

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (225,000 + 67,500) / 45

Break-even point in units= 6,500 units

4 0
3 years ago
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