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Kazeer [188]
3 years ago
5

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the perf

ormance obligation is satisfied is the :
A) expense recognition principle.
B) periodicity assumption.
C) revenue recognition principle.
D) accrued revenues principle.
E) going concern assumption
Business
1 answer:
Allisa [31]3 years ago
5 0

Answer: (C) Revenue recognition principle

Explanation:

The revenue recognition is one of the type of principle that help[s in understanding the various types of accounts based guidelines that helps in identifying the particular condition in which the revenue is basically recognize.

The importance of third principle is that it helps in ensure the actual loss or the profit Margin that maintains the financial credibility.

According to the given question, the revenue recognition principle basically accepting the various types of accounting principle that helps in satisfying the performance obligations.      

Therefore, Option (C) is correct answer.

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How is the principle of open opportunity different from guaranteeing success to everyone in the marketplace?
sesenic [268]
The principle of open opportunity in the marketplace means that anyone who wants to put up a business is welcome to do so. However, the success of his business rests entirely on how well it is received in the market.

Guaranteeing success to everyone in the marketplace is impossible. Competition is always present. Demand and supply can be affected by factors beyond human control.
7 0
2 years ago
In 2013, there were approximately 155 million people in the labor force and the unemployment rate was 7.4 percent. If the unempl
Marianna [84]

Answer:

(a) 3.7

(b) 3.7

Explanation:

The unemployment rate is calculated as the ration of unemployed workers over the labor force. The labor force is the total number of employed plus unemployed workers:

Unemployment\,Rate=\frac{Unemployed\,Workers}{Labor\,Force}=\frac{Unemployed\,Workers}{Employed\,Workers+Unemployed\,Workers}

Then if there were 155 million people in the labor force and 7.4% where unemployed that means that 11.47 million people where unemployed

0.074=\frac{Unemployed\,Workers}{155}

Unemployed\,Workers=0.074*155=11.47

If unemployment rate would have been 5% we have

Unemployed\,Workers=0.05*155=7.75

That means that 3.72 million fewer unemployed workers. Since Labor Force is the sum of unemployed and employed workers. The reduction in unemployment implies that they were now employed .

5 0
3 years ago
The process through which a product or service takes root initially in simple applications at the bottom of a market and then mo
Kryger [21]

Answer: Disruptive innovation

Explanation: Disruptive innovation is an application of nicer finding that relay new conditions and demand at operation at current time that establishes a new demand and graphical diagram of civil and specialized aids inside and between companies and how they are effectively and practically used. Ultimately, it interrupts an existing demand and value network, taking over conventional demand-dominating companies, commodities, and unions.

6 0
3 years ago
Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning invento
lakkis [162]

Answer:

Ending inventory cost= $5,556.92

Explanation:

Giving the following information:

Mar. 1 Beginning inventory 900 $ 7.26

Mar. 10 Purchase 520 7.76

Mar. 16 Purchase 452 8.36

Mar. 23 Purchase 510 9.06

Units sold= 1,760

<u>Under the FIFO (first-in, first-out) method, the ending inventory is calculated using the costs of the last units incorporated into inventory:</u>

<u></u>

Units in ending invnetory= 2,382 - 1760= 622

Ending inventory cost= 510*9.06 + 112*8.36

Ending inventory cost= $5,556.92

3 0
2 years ago
Safety is a key concern at most industries, but it is especially important at BigBoom Fireworks Factory. Employees must use care
Setler79 [48]

Answer: Bureaucratic control

Explanation: Bureaucratic control is a method of controlling employees behavior in an organization by setting laid down rules and operational behaviors to be observed by the workers of the firm.

The organization in the question set some standardized safety rules to be followed by its workers, therefore the control measure applied is bureaucratic.

7 0
2 years ago
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