When financial statements of a nonpublic company are affected by a material departure from generally accepted accounting principles, the auditors should issue an opinion that is unmodified.
<h3>What is GAAP?</h3>
The full form of the GAAP is Generally Accepted Accounting Principles in which the rules and regulations related to the financial accounting are written.
In the above case in which the Non public company is affected by the departure of the material then the auditors must issue the an opinion that is unmodified.
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Answer:
Yes
Explanation:
Pricing plays an essential role for a product and organisation. At a very basic level, an organisation exists to make profit. A price must cover the cost of a good sold.
Pricing also plays a role in the perception of a product (marketing mix). For example, an Apple product is not cheap because of some perceived value of the product.
Another reason why pricing is integral is in times of competition, it may be worthwhile to use price to take market share from competitors.
Answer:
a. Supplies Expense $3,700Supplies $3,700
Explanation:
The entries required when supplies are purchased is
Debit Supplies account
Credit cash/accounts payable
At the point of use of these supplies, the entries required are
Debit Supplies expense account
Credit supplies account
Hence the supplies used
= $5,000 - $1,300
= $3,700
Entries to be posted to adjust
Debit Supplies expense account $3,700
Credit supplies account $3,700
Answer:
C
Explanation:
A.private investment decreasesB.it has no immediate effect on the economy.C.the government can stimulate the economy when income is unusually low.D.the public does not voice concern about the national budget
A deficit occurs when government spending exceeds income either because it spends more than it earns or taxes are too low
A balanced budget is when government spending equals income
benefits of a budget deficit
- it allows the government to carry out stabilization policies
- it allows the government spread discretionary tax overtime
