Answer:
The correct answer is Time period.
Explanation:
The accounting period refers to the economic operations of a company must be recognized and recorded in a certain time, which is usually a year, which goes from January 1 to December 31, although you can also work with different time periods such as the month, semester, quarter, etc.
This principle assumes that economic operations, as well as the effects of them derived, are accounted for in a way that corresponds to the economic period in which they occur, so that the accounting information clearly shows the period to which they correspond and the result can be determined of each fiscal year.
The accounting period allows us to measure the company's performance when compared to other periods. The accounting period allows one of the main objectives of accounting to be met, which is its usefulness. The accounting information is useful when it can be compared, and it is the accounting period that allows that comparison. It is the comparison that allows accounting information to be analyzed, based on it, making economic and financial decisions.
Option C is incorrect when allocating service department costs to operating departments.
<u>Explanation:
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Typically, fixed costs are not assigned to working departments; however, they have to be absorbed by the service. This statement is incorrect in the service dept. Cost to Operating dept.
The reciprocal method assigns the cost of services to operating departments and other departments. The reciprocal costs are identified and the costs are assigned to each other and to services offered by each service department.
For example, if Service Department A requires certain services of Service Department B, the cost allocation system would not include these services. Since these services are not delegated to other departments, some auditors assume that the direct approach is not right.
Answer:
The correct answer is letter "C": life is the total cost divided by the total annual depreciation.
Explanation:
The composite depreciation method uses the straight-line depreciation to rate and average the loss of value in given assets. It divides the useful life figure by the total depreciable cost to arrive at the total depreciation per year. It is helpful to determine the depreciation in a complete class of assets.
Answer: C; Ot increases the value of a U.S dollar.
Explanation: Just did the quiz
Answer:
$680,000
Explanation:
Since Playa Company owns 90% of Seaside Corporation, it is considered Seaside's parent company and it must include all of Seaside's assets when it presents its consolidated balance sheet.
Total net assets reported = $480,000 (Playa's net assets at book value) + $200,000 (Seaside's net assets) = $680,000