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REY [17]
3 years ago
12

Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. select a

n appropriate qualitative characteristic (b) Quality of information that confirms users’ earlier expectations. select an appropriate qualitative characteristic (c) Imperative for providing comparisons of a company from period to period. select an appropriate qualitative characteristic (d) Ignores the economic cons
Business
1 answer:
Sidana [21]3 years ago
7 0

Answer:

The correct answer is comparability.

Explanation:

One of the qualitative characteristics of financial information is the comparability that is defined as allowing general users to identify and analyze the differences and similarities with the information of the same entity and with that of other entities, over time. The Financial Information Standard A-4, Qualitative characteristics of the Financial Statements, describes this characteristic in detail. The financial figures allow us to observe the evolution of our own company and evaluate the distance that separates us from other organizations.

In the case of publicly traded companies, such comparisons can be made that allow us to refine our financial criteria and guide, for example, our decisions as investors. Of course, there are many elements to consider and the more we consider, the stronger our performance will be.

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On September 30, Year 1, Payne, Inc. exchanged some of its shares for all of the common stock of Salem, Inc. in a business combi
MrRissso [65]

Answer:

Payne should exclude Salem's January 1, Year 1, Retained Earnings and income for January 1 to September 30 from consolidated Retained Earnings and consolidated income

Explanation:

The Retained Earnings of Salem on January 1, Year 1 and and its income during the period between January 1 and September 30 would not be included in the Year 1  consolidated financial statements.

The reason is that The Retained Earnings of Salem on January 1, Year 1 and and its income during the period between January 1 and September 30 are part of the equity of the shareholders that that Payne acquired on September 30, Year 1. They would then be eliminated in the eliminating entry of the consolidating investment.

6 0
3 years ago
Erismus is defending against a lawsuit. Erismus's management believes the company has a slightly worse than 50/50 chance of even
OlgaM077 [116]

This amount would have to be recorded as not accrued in the circumstance that he is defending against a lawsuit.

<h3>What is a lawsuit?</h3>

A lawsuit is an action brought by one or more parties in a civil court of law against another party. Only a limited number of laws from long ago that are still in force include the phrase "suit in law."

The most frequent reasons to "sue" an employer are discrimination, harassment, wrongful termination, and workplace injuries, whether accusations are made or a lawsuit is filed directly. More information about each sort of claim is provided below.

Read more on lawsuits here:brainly.com/question/25389760

#SPJ1

required: Indicate the amount Erismus would record as an asset, liability, or not accrued in the following circumstances

Erismus is defending against a lawsuit. Erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000.

4 0
1 year ago
Computing first-year depreciation and book value
MArishka [77]

Answer:

1. Compute Austin Airlines' first-year depreciation expense on the plane using the following methods:

a. Straight-line

depreciation expense for first year = ($33,500,000 - $5,500,000) / 5 = $5,600,000 per year

b. Units-of-production

depreciation per mile = ($33,500,000 - $5,500,000) / 4,000,000 = $7 per mile

depreciation expense for first year = $7 x 1,100,000 = $7,700,000

c. Double-declining-balance

depreciation expense for first year = 2 x 1/5 x $33,500,000 = $13,400,000

2. Show the airplane's book value at the end of the first year for all three methods.

a. Straight-line

book value at end of first year = $27,900,000

b. Units-of-production

 book value at end of first year = $25,800,000

c. Double-declining-balance

book value at end of first year = $20,100,000

Explanation:

Purchase cost = $33,500,000

useful life of 5 years (or 4,000,000 miles) and residual value of $5,500,000

expected use during first year of 1,100,000 miles

4 0
3 years ago
A client diagnosed with cancer has met with the oncologist and is now weighing whether to undergo chemotherapy or radiation for
Scorpion4ik [409]

Answer:

Autonomy

Explanation:

Autonomy allows the individuals to make independent decisions. In the case given in the question, the oncologist believes that the patient has the right to have their own opinions, values, and beliefs. This is why the doctor has left it on the patient to decide whether they want to go for chemotherapy or radiation to get rid of the disease. Autonomy gives the patient the right to accept or reject any treatment for themselves.

6 0
3 years ago
What is credit? What is debt? What does your credit score tell lenders about you? What are four tips for using credit wisely? Wh
Leto [7]

Credit is the amount of money that a company will lend to you, and debt is the amount of credit that you have borrowed and still owe.

Your credit score has many components: payment history, amount of available credit that you are using, length of your credit history, types of accounts (credit mix), and new credit.

A loan is a type of credit, and assets are things of value  that you own by yourself without owing money on them.

Collateral is assets that you can use to secure a loan, so that if you don't pay what you owe the lender can take those assets from you to recover the amount you owe them.

Installment credit is a loan that you pay in chunks every month/year. Revolving credit is automatically renewed as you pay off the debt. If the credit amount is $1000, and you borrow $500 you will have $500 left. If you then pay off $200 you will automatically have $800 of credit available to you.

8 0
3 years ago
Read 2 more answers
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