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3 years ago

What would be the most useful source of current information about changes in laws or regulations applicable to accounting?

Business

1 answer:

snow_tiger [21]3 years ago

7 0

Answer:

D. Board of Accounting

Explanation:

Accounting bodies are national or international organizations whose mandate is to set accounting standards in the country. They help implement and enforces the Generally Accounting Accepted principles in the counties.

The Financial Accounting Standards Board(FABS) is the body responsible for developing and implementing the Generally Accounting Accepted standards In the US. It oversees the application of GAAP in public and private companies and profit and non-profit organizations. FABS sets and updates accounting and financial reporting rules in the country. Any changes in the law are done in consulting with this body. FABS will, therefore, have updated regulations regarding accounting practice in the country.

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Assume that on July 1, 2018, Togo's Sandwiches issues a $2.97 million, one-year note. Interest is payable at maturity.

allsm [11]

Answer:

7% interest at Cec-31 for 6 months:

Dr Interest expense(7%*$2,970,000*6/12) $ 103,950

Cr Interest payable $103,950

9% interest at Sept 30 for 3 months:

Dr Interest expense(9%*$2,970,000*3/12) $66,825

Cr Interest payable $66,825

6% interest at Oct 31 for 4 months:

Dr Interest expense(6%*$2,970,000*4/12) $ 59,400

Cr Interest payable $59,400

8% interest at Jan 31 for 7 months:

Dr Interest expense(8%*$2,970,000*7/12) $138,600

Cr Interest payable $ 138,600

Explanation:

The rationale for debiting interest expense is that is an expense account and increase in expense is normally debited to expense account while interest payable account is credited as the interest obligations are yet discharged by a way of paying cash to investors

5 0

3 years ago

What is a CFO and their responsibilities to the company?

Setler [38]

Answer:

In a larger corporation, the CFO's duties shift more toward analysis, oversight, and management.

Explanation:

Accounting and Reporting: The CFO is responsible for keeping accurate financial records and for reporting on a company or organization's financial status.

3 0

3 years ago

Department stores have increasingly used designer boutiques to highlight specific designers to small market segments. This strat

lawyer [7]

Answer:

Specialty Store

Explanation:

A specialty store is a store where it keeps the high brand, style or models having the narrow category of goods and services. The products like furniture, sporting goods, bookstores are categorized as the speciality stores.

Since in the given situaton, it is mentioned that the stores increase the usage of the designer boutique for highlighting the particular designers for the small market so this represent the speciality store of that retail institution

3 0

2 years ago

A key objective of the _____ was to restore public faith and trust in the securities markets battered by the stock market crash

weeeeeb [17]

It would be the Banking act of 1933; made so that banks would be unable to invest their money so that people would have more faith in them.

3 0

3 years ago

_____ occurs when a government demands partial transfer of ownership and management responsibility and imposes regulations to en

Reil [10]

Answer: Domestication.

Explanation:

Domestication is a method of contoling foreign investment in a country by setting limits to what a foreigner can own in a country. Domestication ensures that the owners of major investments in a country are majorly citizens of that country.

7 0

3 years ago