Answer:
True
Explanation:
The reason is that the Internation Financial Reporting Framework says that though there are choices the company must opt to the depreciation method that brings fairness to the financial statement, which means that the method used calculates the depreciation for the year that actually represents the decrease in the value of the assets in market value. So if the current method brings the fairness to the Financial statements, Lucky can use them and if those don't bring fairness to the financial statements then its better to use alternative which will bring the fairness to financial statements.
Answer:
The correct statements are A, B and C
Explanation:
Accounting plays a important role while running a business as it helps the company in keeping a track of expenditures as well as income, it ensures the statutory compliance.
Provide the owners, managers, investors and creditors reliable information so that could take the decisions.
It summarizes the information and help in conveying the information related to the firm activities.
It records as well as communicate the information regarding the business.
Answer:
D. $109,000
Explanation:
The total selling expense which is an element of the income statement is the sum of the marketing expense and the sales commission.
The sales commission as given is a percentage of the number of units sold.
Total selling expense
= $65,000 + (10% * $40 * 11,000)
= $65,000 + $44,000
= $109,000
Answer: contingency plans
Explanation:
A contingency plan is a plan that's designed in order to take into consideration ever possible event or circumstance that may occur in the future.
The aim of a contingency plan is to help an organization hat back to its feet as soon as possible when an unforeseen event o circumstance happens.
Answer:
Purchases= 3,500lbs
Explanation:
Giving the following information:
Production= 4,000*1.5= 6,000 lbs
Beginning inventory= 5,000 lbs
Ending inventory= 2,500 lbs
<u>To calculate the direct materials purchase, we need to use the following formula:</u>
Purchases= production + desired ending inventory - beginning inventory
Purchases= 6,000 + 2,500 - 5,000
Purchases= 3,500lbs
