These are the accounting assumption:
- Expense recognition principle: Charges are allocated to revenues at the appropriate time.
- Measurement principle: Changes in fair value that occur after purchase are not reported in the accounting.
- Full disclosure principle: Requires the reporting of all important financial information.
- Going concern assumption: Justification for not reporting plant assets at their liquidation value.
- Economic entity assumption: Recommends that personal and professional records be kept separate.
- Periodicity assumption: Divides financial data into time periods for reporting reasons.
- Monetary unit assumption: reported using the dollar as the "measuring stick," according to the monetary unit assumption.
Accounting assumptions are a set of guidelines that guarantee an organization's business operations are carried out effectively and in accordance with the standards established by the FASB (Financial Accounting Standards Board), laying the foundation for reliable, consistent, and valuable financial reporting.
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Answer:
$29.50
Explanation:
Contribution margin = price - variable cost
Variable cost if machine is purchased = $24.00 - $3.50 = $20.50
= $50.00 - $20.50 = $29.50
I hope my answer helps you
Answer:
The correct answer is installment credit
Explanation:
Installment credit is a credit that involves paying a specific amount of the total credit taken in a particular period till the total credit amount is paid off.
For instance,if a consumer buys a refrigerator on credit ,that is without paying cash immediately instead giving the grace by the seller to pay for the gadget over a period of twelve months by paying $200 a month until the 12th month when total amount owed would have been paid
To put the question simply, we need to find out what the value of 23% of $1,595 is: $1,595 / 100 = 15.95 x 23 = $366.85. So, $366.85 is deducted. Hope this helps!
