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3 years ago

An emphasis is placed on proper income statement item recognition under what approach under US GAAP?

Business

1 answer:

Over [174]3 years ago

3 0

Answer:

Revenue /expense approach

Explanation:

As we know that the income statement recognized only the revenues and the expenses and if the revenue is more than the expenses so the company is earning profit else it would suffered loss

So for proper income statement, the item recognized under US GAAP should be placed in revenue and expense approach as it comes under the income statement and the same is to be considered

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The main purpose of a balance sheet is to show

Gwar [14]

Answer:

E)a,b,and c

Explanation:

A balance sheet is among the three main financial statements prepared by a business at the end of a period. It displays the assets of a company on one side and liabilities and equity on the other. The preparation of the balance sheet follows the accounting equation of assets equal to liabilities plus equity.

The balance sheet shows the net worth of a company by showing the total value of the firm's assets and how the assets have been financed. It indicates the current value of assets and tracts changes from period to another. The balance sheet will also indicate current liabilities and compares them to the previous period.

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4 years ago

The management of a facility that manufactures parts for car brakes has a policy of testing only some of the items in each produ

Arisa [49]

Answer:Quality control

Explanation:

The act of supervising all the jobs to achieve the desired excellence is termed as quality control. In general, its purpose is to identify the defects in a lot by checking a few items.

Every company device a method to identify the defects and thus eliminate the defects. Quality control team do not correct the mistake instead they notify another team to correct the defect.

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3 years ago

A HEADLINE article in the text indicated that North Korea is expanding its missile programs, and at the same time it is running

laiz [17]

Answer:

Opportunity cost

Explanation:

NK is taking this opportunity to expand its missile programs at the expense of food production.

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3 years ago

Olive Tree Products sold 86,000 units during the last period when industry volume totaled 334,000 units. The company originally

mrs_skeptik [129]

Answer: See explanation

Explanation:

Actual units sold = 86000

Budgeted units sold = 89000

Budgeted selling price = 59

Budgeted variable cost = 34

Budgeted contribution margin = 59 - 34 = 25

Budgeted market share = 20%

Acual industry volume = 334000

Standard units sold = 20% × 334000 = 66800

Sales activity variance:

= (Actual units sold - Budgeted units sold) × Budgeted contribution margin

= (86000 - 89000) × 25

= -3000 × 25

= 75000 Unfavorable

Market share variance will be:

= (86000 × 25) - (66800 × 25)

= 2150000 - 1670000

= 480000 Favorable

Industry volume variance:

= (66800 × 25) - (89000 × 25)

= 1670000 - 2225000

= 555000 Unfavorable

6 0

3 years ago

The project will require an initial investment of $20,000, but the project will also be using a company-owned truck that is not

Alla [95]

Answer:

c. Increase the amount of the initial investment by $12,000.

Explanation:

The amount of investment has to be increased by $12,000 because the truck constitutes an investment into the project and this should be accounted for

3 0

3 years ago