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Scrat [10]
3 years ago
7

Identify the accounting assumption or principle that is described below.

Business
1 answer:
Inga [223]3 years ago
7 0

Answer and Explanation:

a. Going Concern Assumption  : It means the organization would be remain open always whether the people go or not

b. Economic Entity Assumption

: The owner and the business records should be maintained separately.

c. Monetary Unit Assumption

: It means all the transactions should be recorded in monetary terms

d. Periodicity Assumption

: It means for a period of time different financial information could be recorded

e. Historical Cost Principle  : Always used the orginial cost at the time of recording

f. Full Disclosure Principle: All information should be disclosed to the notes to the financial statements

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Asher buys a linen suit from Miriam and gives it to his father, Moises. Moises takes the suit to Vanessa, who runs a local dry c
andrezito [222]
This doesn’t even make any sense
7 0
2 years ago
The simple annual interest rate on a loan is 5%. what is the interest due on a loan of $3,500 after one year
zlopas [31]
The formula is
I=prt
I interest due ?
P principle 3500
R interest rate 0.05
T time 1 year
I=3,500×0.05×1
I=175
3 0
3 years ago
Read 2 more answers
Michael Chang buys only tennis rackets during a particular year. During the year in question, the price of all goods rises by 10
Zolol [24]

Answer:

Michael does not experience inflation because he only buys Tennis rackets

Explanation:

Inflation is defined as increases in price per unit price.

It is the prolonged increase in the price of goods and services caused by devaluation of currency , demand -pull or cost - push. While a certain degree of inflation can be beneficial to a thriving economy , it can become a threat if it becomes larger.

One of the direct impact of inflation is rise in price of goods and services.

As the price of rackets was not affected by the inflation , that means that Michael was not affected by the inflation.

6 0
3 years ago
Adjusts the accounts at the end of each month. cruella's adjusting entry at the end of february should include a debit to rent e
Sauron [17]

After each month, adjust the accounts. Cruella's adjusting entry at the end of February should include a debit to rent expense for $100.

<h3>What is an adjusting entry?</h3>

Adjusting entries refer to a set of journal entries recorded at the end of the accounting period to have updated and accurate balances of all the accounts. The main purpose of adjusting entries is to communicate an accurate picture of the company’s finances. The management can have a proper look into the financial statements knowing that Everything that occurred during the month is reported, even if the financial part of the transaction would have been warranted to have occurred at a later stage.

To learn more about adjusting entries, visit;

brainly.com/question/4035835

#SPJ4

8 0
1 year ago
For the year ended December 31, a company had revenues of $187,000 and expenses of $109,000. $37,000 in dividends were paid duri
Dovator [93]

Answer:

D) Debit income summary 187000, credit revenues 187000

Explanation:

When dividend is declared, following journal entry is passed

Retained Earnings                                    Dr.

    To Dividend Payable

(Being declared dividend recorded)

When dividends are actually paid, the journal entry is

Dividend Payable A/C                              Dr.

     To Cash A/C

(Being dividend paid recorded)

Income summary account is prepared as a temporary account while income statement represents permanent account.

Income summary shows net income balance i.e Revenue less expenses.

As per the given information in the question, debiting income summary account with total revenues of $187000 would be wrong.

3 0
3 years ago
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