Answer:
The correct transition date which Icon international will show is B) January 1, 2015.
Explanation:
Icon international which was incorporated on January 1, 2013, wants to convert to IFRS( International financial reporting standards ) , which provides a similar international language for business affairs, which would help making company accounts comparable and understandable across the global boundaries.
The correct transition date would be the year starting date ( 1 January ) , as the year in which company starts adopting to IFRS standards and making IFRS statements , so here the January 1, 2015 would be the correct transition date.
Answer:
Cash paid 168,000
Explanation:
Assuming that there were no inventory at start of the year
purchases during the year :
Sold = 155
Closing inventory = 21
Total purchase (155+21) = 176
Cash paid for merchandise = total purchase - increase in liability
Cash paid = 176-8 = 168
Specialization involves division of an organization's work and applies motivational theories to jobs to increase satisfaction and performance."
Answer:
<u>c. Credence attributes</u>
Explanation:
- Credence is a good that has attributes that cannot be observed by the consumer even after purchasing the thus makes it difficult for them to access its utility such as expert services and medical procedures, automobile repairs, etc.
- Here the seller has the option to change the quality ad quantity of the price by using his tactics and hence can cheat buyers with an inferior good. Like the automobile repair may be insufficient.
