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ANTONII [103]
4 years ago
12

To present fairly in conformity with generally accepted accounting principles, the financial statements must:_______.

Business
1 answer:
Sergio [31]4 years ago
5 0

Answer:

B. Reflect transactions and events within a range of reasonable limits.

Explanation:

When preparing statements in compliance with generally naccepted accounting principles, the emphasis is not wether all the information provided is 100% accurate. Rather it expects representation of transactions within a range of reasonable limits.

That is are the presented information in compliance with various generally accepted practices such as periodicity, full disclosure, consistency of method used in reporting, and so on.

Statements that meet reasonable range of limits is considered to present fairly in conformity with generally accepted accounting practices.

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The accountant for Flagger Company prepared the following list of account balances from the company’s records for the year ended
Gre4nikov [31]

Answer:

Net operating income $15,000

Explanation:

Flagger Company

Income statement for the year ended , 31 December

Fee earned

165,000

Less : Operating expenses

Salaries and wages 40,000

Rent expense. 51,000

(91,000)

Gross profit.

74,000

Less: Selling expense.

(44,000)

Profit before interest and tax.

30,000

Less interest expense.

(18,000)

12,000

Add: Interest income.

3,000

Net operating income.

15,000

8 0
3 years ago
LO 4.1How do job order costing and process costing differ with respect to recording direct materials and direct labor?
GaryK [48]

Answer:

Reference : Cost Accounting Planning & Control ( Matz Usry )

Explanation:

Job order Costing procedure keeps the costs of various jobs or contracts separate during their manufacture or construction. this method is applicable in work in factories, workshops, construction engineers , printers etc.

Direct Materials, Direct Labor  ( Job Order Costing). Direct Materials are assigned by means of job order numbers. The cost of each  order produced for a given customer or the cost each lot to be placed in stock is recorded on a summary sheet called Job Order Cost Sheet.

Process Costing procedures are often termed continuous or mass production cost procedures. Process costing involves average costing for a particular period in order to obtain departmental and cumulative unit costs.the cost of a completed unit is determined by dividing the total cost of a period by the total units produced during the period.

Direct Materials need not be priced individually rather the cost is determined at the end of the production period through inventory difference procedure i.e adding purchases to beginning inventory and then deducting ending inventory.

Labor Costs are identified by and charged to departments in process costing, eliminating the detailed clerical work of accumulating labor costs by jobs.

4 0
4 years ago
Rita contracts to work for Social Media Corporation (SMC) during April for $4,500. On March 31, SMC cancels the contract. Rita d
sergij07 [2.7K]

Answer: $4500

Explanation:

6 0
4 years ago
Read 2 more answers
The payments in return for labor and capital are _____, respectively.
Nonamiya [84]
I believe the answer is D, wages and interest
7 0
4 years ago
Which economic system has no government involvement in the market? a. capitalism b. communism c. socialism d. No economic system
Ahat [919]

The answer is A, capitalism

6 0
1 year ago
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