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lbvjy [14]
3 years ago
15

According to the FASB conceptual framework, certain assets are reported in financial statements at the amount of cash or its equ

ivalent that would have to be paid if the same or equivalent assets were acquired currently. What is the name of the reporting concept?
Business
1 answer:
Crank3 years ago
3 0

Answer:

Replacement cost

Explanation:

According to the Financial Accounting Standards Board (FASB), if the amount is paid for acquiring or purchasing the asset or replacing the asset the cost we called is known as replacing cost

The replacing cost arises when the company needs a more valuable asset than the previous one which produces a less number of items instead of producing more items.

So, according to the given situation, the replacement cost is an appropriate answer

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Imagine that you are a pecan farmer in Georgia. If the same trends hold true for nut production as maple syrup production, where
Dimas [21]

Answer:

You be looking to relocate your business to Delaware

Explanation:

Delaware is one of the 50 states of the United States, in the Mid Atlantic region. The weather condition in Delaware is very conducive in growing a maple tree.

8 0
3 years ago
To prepare for a trial between SmartPhones, Inc., and TechApps Company, TechApps' attorney places SmartPhones' chief executive o
katrin [286]

Answer:

A deposition

Explanation:

Deposition is the term under the law of the US (United States), which is defined as it involve the taking of sworn, oral testimony in the out of court, to witness that it might reduce to a transcript which is written for the later use in the court or for the motive or the purpose of the discovery.

Therefore, a deposition is required to prepare for the trial among the companies so that the court official make a record of the questions of the attorney and the answers of the CEO.

5 0
3 years ago
On October 1, 20X1, Paige Turner Publishing received $55,200 in cash for monthly subscriptions covering one year, recording the
Ket [755]

Answer:

c. Debit Unearned Subscriptions $13,800; credit Subscriptions Income $13,800

Explanation:

Based on the information given the correct appropiate adjusting entry at December 31, 20X1, is to Debit Unearned Subscriptions $13,800 and Credit Subscriptions Income $13,800

December 31, 20X1

Debit Unearned Subscriptions $13,800

Credit Subscriptions Income $13,800

(3/12*$55,200=$13,800)

(October 1 to December 31 will gives us 3month)

6 0
3 years ago
Brad Carlton operates Carlton Collectibles, a rare-coin shop in Washington, D.C., that ships coins to collectors in all 50 state
Veronika [31]

Answer: He would have sales based on his appraisal and would use tax collection based on he has commercial domicile there

Explanation:

Carlton would have sales based on the appraisal his work receives in Virginia and Maryland. Appraisals go a long way to promote sales in business especially comes from clients who tend to give feedback based on the product they have used. He would use tax collection in the district of Columbia due to he has a commercial domicile in that area.

6 0
3 years ago
Which may occur as a result of a decrease in the price of laptop computers?
Nimfa-mama [501]

Answer:

<em>Increase in quantity demanded</em>

Explanation:

Demand for a product is the different quantities of that product that consumers are willing and ready to pay for at different prices.

There are many factors that affect the demand for a product; these include change in the price of the product, price of related products, change in consumer income, change in fashion, taste and style.

<u><em>Change in quantity demand</em></u>

Specifically, the law of demand states that there is an inverse relationship between quantity demand and its price. Change in quantity demand is a movement along the demand curve.

<em>A change in the price of a product will produce an opposite change in  the quantity that consumers  are willing to buy assuming all other factors do not change. This is referred as to as change in quantity demand. This can either be an increase or a decrease depending on the direction of the price movement.</em>

<u><em>Change in demand</em></u>

<em>Change in demand is the shift in the demand curve to either right or left.  This can be attributed to any of the factors that affect demand other the price e.g change in income.</em>

<em>Therefore a decrease in the price of laptop computers will lead to an increase in the quantity demanded</em> .

5 0
3 years ago
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