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
hram777 [196]
3 years ago
6

According to GAAP, the disclosure of accounting policies adopted by a reporting entity is important to financial statement reade

rs in determining whether accounting policies are consistently applied from year to year. net income for the year. the value of obsolete items included in ending inventory. whether the working capital position is adequate for future operations.
Business
1 answer:
Ilia_Sergeevich [38]3 years ago
8 0

Answer:

A. whether accounting policies are consistently applied from year to year.

Explanation:

Accounting policies need to be disclosed to ensure proper understanding of financial statements, it is necessary that all significant accounting policies adopted in the preparation and presentation of financial statements must be disclosed. Any change in an accounting policy that has a significant effect should be disclosed. Also to disclose significant accounting policies; Such disclosure helps users of financial statements (e.g., investors, creditors, vendors) to understand how particular accounting principles were used in preparing the company's financial statements.

You might be interested in
You invested $1,200 in a mutual fund. Your account now has a value of $1,333. Your gain was:
AleksAgata [21]
$1,333 - $1,200 = $133
Your gain was: $133
7 0
2 years ago
ang Co. manufacturers its products in a continuous process involving two departments, Machining and Assembly. Journalize the ent
Ksenya-84 [330]

Answer:

a.

Raw Materials $180,000 (debit)

Accounts Payable $180,000 (credit)

b.

Work In Process Machining : Direct Materials $73,000 (debit)

Work In Process  Machining : Indirect Materials $9,000 (debit)

Work In Process  Assembly : Indirect Materials $4,900 (debit)

Raw Materials $86,900 (credit)

c.

Work In Process  Machining : Direct Labor $23,000 (debit)

Work In Process  Assembly : Direct Labor $47,000 (debit)

Salaries Payable $70,000 (credit)

d.

Work In Process  Machining : Depreciation $4,500 (debit)

Work In Process  Assembly : Depreciation  $7,800 (debit)

Accumulated Depreciation $12,300 (credit)

e.

Work In Process  Machining : Overheads $9,700 (debit)

Work In Process  Assembly : Overheads  $11,300 (debit)

Overheads $21,000 (credit)

f.

Work In Process Assembly Department $14,900 (debit)

Finished Goods Inventory $83,400 (debit)

Work In Process Machining Department $98,300 (credit)

g.

Accounts Receivables $100,000 (debit)

Cost of Goods Sold $68,000 (debit)

Sales Revenue $100,000 (credit)

Finished Goods Inventory $68,000 (credit)

Explanation:

Manufacturing Costs are accumulated in the Work In Process Account.

Finished Goods are Transferred from Work In Process Account to Finished Goods Inventory by Debiting Finished Goods Inventory Account and Crediting Work In Process Account.

4 0
3 years ago
you are driving lyou are driving on a two-lane highway behind a large vehicle that you want to pass to ensure you can see ahead
Paha777 [63]

Answer: You should wait until the road is straight and completely clear of cars, obstructions, animals, etc before passing.

Hope this helps!   :)

Explanation:

7 0
3 years ago
A counterfeit id is intended to an official document, but is not authentic
kirza4 [7]

Answer:

If this is the case then it is not valid.

Explanation:

Any counterfeit id is illegal and should never be rendered to be used for any purpose in relation to official documents.

4 0
2 years ago
From the standpoint of economic efficiency, markets tend to provide a. less of a public good than would be efficient. b. more of
schepotkina [342]

Answer:

A) less of a public good than would be efficient.

Explanation:

The main characteristic of free markets is that the private participants (suppliers and consumers) decide how to allocate resources. They allocate resources in a way that their utility is maximized: suppliers maximize their profit while consumers maximize satisfaction. The problem with private goods  is that they do not maximize profits for the suppliers, therefore, very few or no suppliers are willing to supply them resulting in a shortage.

6 0
3 years ago
Other questions:
  • Alden is beginning to learn how to write. he can hold a pencil in one hand and steady the paper with his other hand. this new ab
    9·1 answer
  • ABC, Inc. is considering purchase of a new equipment. The sales are expected to be $808,133 and the total cash expenses are expe
    11·1 answer
  • A group of users in the Research Department has access to sensitive company information, so you want to be sure that the group m
    13·1 answer
  • Janice’s firm is entering a new market and she plans to set prices to take sales away from the established market leader even th
    10·1 answer
  • Emma is a marketing manager at a multinational corporation. She gets anxious when her job gets stressful, and she tends to get a
    13·2 answers
  • When using acronym meet to improve intercultural relations in work place what action does the T represent
    12·1 answer
  • Net income was $240,000 for the year. Throughout the year the company had outstanding 12,000 shares of 6%, $50 par value preferr
    15·2 answers
  • The following data were taken from the accounting records of the Mixing Department of Kappa Corporation which uses the weighted-
    10·1 answer
  • From the next year onwards, Colt Systems is estimated to have an EBIT of $15 million. It will also spend $6 million annually on
    10·1 answer
  • In most cases, markets are considered more efficent and better off when monopolies are broken up. Why is it hard for governments
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!