Answer:
<u>Generally accepted accounting principles</u>
Explanation:
Generally accepted accounting principles abbreviated as GAAPs , refer to set of accounting rules and principles to ensure clarity, consistency of reported information and to enhance reliability and comparability of accounting information.
GAAPs were prescribed by Financial Accounting Standard Board (FASB) of the United States. The accountants of public companies in United States are supposed to abide by GAAP principles while compiling accounts and preparing financial statements.
Thus, GAAPs lay emphasis upon presenting financial information which is relevant to the shareholders, which is true and can be relied upon , which is consistent and which can be compared to deduce past trends and for forming opinions and arriving at conclusions.
Answer:
e. $3,200
Explanation:
According to accrual concept the expense which is incurred but not been paid should be recorded in the same period when it is accrue.
At the end of the period only 4 days from Monday to Friday is pased for which the wages have not been paid. The expense is accrued and unpaid.
Pay per day = $800
Pay for 4 days = $800 x 4 = $3,200
Answer:
Net profit= $21200
Explanation:
Giving the following information we need to calculate the net profit or loss:
Revenues:
Fees for computer repairs $ 41,600
Fees for printer repairs 5,950
Total revenues= 47550
Expenses: (-)
Advertising expense 5,700
Salaries expense 18,500
Telephone expense 850
Utilities expense 1,300
Total expense= 26350 (-)
Net profit= 21200
An income statement lists financial projections in the following format: Income includes all revenue streams generated by the business. Cost of goods, includes all the related to the sale of products in inventory, Gross profit margin is the difference revenue and cost of goods.
Answer:
Representative Heuristic
Explanation:
Representative heuristic is a psychological situation in which an individual takes a bias deecison based on the prototype of that same situation.
From the question, it can be seen that Frank is investing in a risky stock at this time because it once made him money in the past. He's basing the success of the stock this time around on his past experience.
Cheers.
