Answer:
1. Inventory account will be affected and assertions of accuracy and valuation will be violated.
2. Assets are overstated and assertion classification is violated.
3. Liability is understated and assertions of accuracy is violated.
4. No impact.
Explanation:
Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.
Answer:
of course. Business have obligations and duties towards many parties. we call these people "stake holders". in other words, they are either interested in the business and activities or are effected by the business activities.
for an example, the community and the environment the business operates in are stakeholders and the firm has responsibility to ensure an environmental friendly production and practices are carried out by the firm.
Government and tax authorities are another example. firm has to make sure that the required disclosures are made and proper taxes are paid timely.
Potential investors are another example, the company has to make sure that they disclose all the relevant and material information that may give signals about the companies future and its direction.
Explanation:
Answer:
it depends on the business
Explanation:
when the business is small there will be less department but if the business is big then there will be more department
Determining Depreciation Recapture.
Sale Value = $99,000
Less: Adjusted basis(book value) = ($75,000)
Depreciation recapture = $24,000
So Depreciation recapture = $24,000
The marginal tax rate is the amount of additional tax paid for each additional dollar earned in income. The average tax rate is the total tax paid divided by total income. A marginal tax rate of 10% means that 10 cents from the next dollar you earn will be tax deductible.
In taxation, a tax rate is a rate at which a company or individual is taxed. There are several ways to express tax rates, including statutory, average, marginal, and effective. These tax rates can also be presented using different definitions (inclusive and exclusive) that apply to the tax base.
Learn more about marginal tax here
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