Based on financial and accounting principles, the general message of the full disclosure principle is that "<u>the lack of evidence that something resides in a favored category will often suggest that it belongs to a less favored one."</u>
This is because the full disclosure principle state that all information should be documented in a company or individual financial statements which are believed to affect a reader's knowledge of that specific financial statement.
This ensures that every party that needs to access the financial statements under concern should fully understand them without missing any form of information.
Otherwise, any missing link or information will be ruled in favor of the less favored party in a legal situation.
Hence, in this case, it is concluded that the correct answer is option D.
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Not necessarily. Sure, there are some things where it is very clear what is right and wrong but there are so many situations where it is hard to differentiate between what is right and what isn't.
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Answer: $46,950
Explanation:
a. All sources of income should be included including illegal ones.
b. Gain = 1,000 (32 - 31)
= $1,000
c. Gain = Amount received - Amount paid apportioned per year
= 25,000 - (210,000/20)
= 25,000 - 10,500
= $14,500
d. Not included as disability benefits are not included.
e. The $300 is deductible but the $200 that went towards car payment is not.
f. Taxation principles require that the person taxed should be the person earning the income so Ken will not be charged on the $1,100
g. The relevant figure here is the tax benefit before the $610 refund.
Ken claimed $6,250 in itemized deduction but the standard deduction is $6,200. Ken gained;
= 6,250 - 6,2000
= $50
h. The $30,000 is included as Ken earned it.
Gross Income = 1,200 + 1,000 + 14,500 + 200 + 50 + 30,000
= $46,950
The member of the trust board would owe his/her fiduciary responsibility to the community of Hershey.
Milton S. Hershey was the creator of the company, hence the very reason you would be in this position right now. As such, the legacy of Mr. Hershey would affect your thinking such that you act in the best interests of the company to allow it to grow further and larger, as this is what its founder would have wanted.
