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miv72 [106K]
4 years ago
7

The cost constraint suggests that, even when the cost of providing accounting information exceeds its benefit, the financial acc

ounting information should always be provided. True or false?
Business
1 answer:
Alekssandra [29.7K]4 years ago
3 0

Answer:

False

Explanation:

The GAAP established that when the benefits of obtaining accounting information are lower than the costs of providing that information, the information should not be provided.

For example, sometimes there are very small differences in certain accounts that don't allow a balance sheet to be balanced. If the accounting error is very small, e.g. just a few hundred dollars, then it is not reasonable to have a whole audit team check all the financial statements again to determine what caused the error. An adjusting entry could be made to close the account balances.

Imagine you are an auditor that must check the physical inventory of a factory and some boxes containing supplies are misplaced. It might take you a whole day to count again all the supplies and materials, but is it worth it? If the supplies were really expensive, probably yes, but if they were cheap components, then probably no.

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Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has
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Answer:

over 1 year

Explanation:

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It should be noted that Under IRS regulations, a gain or loss upon current disposition of an asset is first considered to be long term if the asset has been held for over 1 year.

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3 years ago
This motion enforces the rules of an organization?
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I believe the answer is D!

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Elijah and anastasia are husband and wife who have five married children and nine minor grandchildren. for 2015, what is the max
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To get the answer, you need to calculate this:
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4 years ago
Read 2 more answers
What is the best way to help students use materials successfully in learning centers?
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The best way to help students demonstrate ways to use materials is when introducing them.

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Give students meaningful tasks: Centers activities in all subject areas should be engaging, difficult, and, whenever possible, give students a chance to practice skills in real-world contexts. This means that activities should assist students in making connections between their classroom learning and real-world situations or in forming practical habits of mind.

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