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Nataliya [291]
3 years ago
9

You decide to start your own business as a professional corporation. You purchase an office building for $35,000 from your mothe

r even though your real estate agent said it was worth $500,000 in the current market. The corporation recorded the building at $500,000. Which of the following concepts or principles of accounting did the corporation violate?
Going concern assumption
money unit assumption
lower of cost of market principle
cost principle
Business
1 answer:
makkiz [27]3 years ago
4 0

Answer:

Cost principle

Explanation:

Cost principle -

It refers to the amount of  the specific object to be recorded during the time of acquiring , is referred to as cost principle .

Cost principle is also called historical cost principle.

During the acquisition , the amount recorded need to be correct , any alteration in the amount leads to the violation of the cost principle.

Similar situation is showcased in the question,

Hence , from the given options the correct option is cost principle.

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Describe how organizational culture is related to project management. What type of culture promotes a strong project environment
alukav5142 [94]

Explanation:

Every company regardless of its size or area of ​​activity has an organizational culture, formally instituted or not.

Organizational culture can be defined as the company's identity, it is a system of values, procedures and behaviors that are shared by all members of an organization. A culture can be rigid or flexible, innovative or conservative, strong or weak, hostile or supportive.

Therefore, the relationship that the organizational culture has with the project management area is the impact on the behavior and form of action of the project members, the culture has a relevant impact on the identity of the professional.

The ideal type of culture to promote a strong project environment is a culture focused on innovation and the guidance and coordination of staff, with an emphasis on the group, so that there is integration, motivation and a favorable climate.

3 0
3 years ago
List three things you should look for when hiring a tax professional.
Alja [10]
They're qualified and have the right certifications. ...

They're available all year. ...

They understand your financial goals. ...
8 0
2 years ago
The following information applies to questions 9 and 10. Company AB Sales $100,000 $100,000 Variable cost 60,000 40,000 Contribu
Yuki888 [10]

Answer:

D) $36,000

Explanation:

Company                            Current        After Increase    Change

Sales                                   $100,000    $140,000            +40,000

Variable cost                      $60,000     $84,000              +24,000

Contribution margin          $40,000     $56,000               +16,000

Fixed expenses                 $20,000     $20,000               +0

Operating income             $20,000     $36,000                +16,000

The Increase in Operating Income will be = $36,000 as our final answer

3 0
3 years ago
Read 2 more answers
Assume you are in the 35 percent tax bracket and purchase a municipal bond with a yield of 5.50 percent. Use the formula present
Debora [2.8K]

Answer:

8.46%

Explanation:

Calculation for the the taxable equivalent yield for this investment

Using this formula

Taxable equivalent yield

=Tax-exempt yield / (1 − Your tax rate)

Let plug in the formula

Taxable equivalent yield=0.055 / (1 - 0.35)

Taxable equivalent yield=0.055/0.65

Taxable equivalent yield=0.0846*100

Taxable equivalent yield= 8.46%

Therefore the taxable equivalent yield for this investment is 8.46%

4 0
3 years ago
Varto Company has 7,000 units of its sole product in inventory that it produced last year at a cost of $22 each. This year’s mod
sp2606 [1]

Answer:

Sell

Explanation:

The computation is shown below:

In case of proceed further $175,000 (7,000 units × $25)

Less: In case of sold $56,000   (7,000 units × $8)

Revenue increment $119,000

Less: Cost of processing further -$125,000

Incremental net loss -$6,000

As we can see that there is an incremental loss of $6,000 which reflects to sell off the product not proceed further plus

5 0
3 years ago
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