Answer:
6.05 years
Explanation:
Payback period is the time in which a project returns back the initial investment in the form of net cash flow. For this purpose we use the net cash flows to calculate the payback.
Payback working is attached with this answer please find it.
Answer:
All of the above
Explanation:
ISO means: International Organization for Standardization. It is one of the most important standard making bodies.
This organization has issued the standard ISO 15118 (1-9) that gives technical recomendations about data communication interfaces for road vehicles. So, both concepts listed above are true.
Answer:
1. GAAP is the term used to indicate the whole body of FASB authoritative literature. <u>TRUE</u>.
The Financial Accounting Standards Board are the authors of the GAAP and as such GAAP is used to indicate the whole body of their literature.
2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. <u>FALSE. </u>
To claim compliance with GAAP, all standards and interpretations including Disclosure requirements should be followed.
3. The primary governmental body that has influence over the FASB is the SEC. <u>TRUE.</u>
The Securities and Exchange Commission (SEC) is the Government body that is meant to oversee the application of Accounting standards and as such, they have influence over the FASB.
4. The FASB has a government mandate and therefore does not have to follow due process in issuing a standard.<u> FALSE. </u>
Even though they have a Government mandate, the FASB must follow due process when establishing principles so that people might be able to contribute to or criticize the guidelines should they please.
Answer:
Debit Accounts Receivable, credit Allowance for Doubtful Accounts.
Explanation:
To record the collection of accounts receivable previously written off when using the allowance method, the first step is to debit Accounts Receivable, and then credit Allowance for Doubtful Accounts. This purpose of this to reverse the already written off amount.
The next step after that is to complete the entries by debiting Cash, and crediting the Accounts Receivable to record the cash collection in respect of previously written off accounts receivable.
