The typical accounting principles/assumption includes Accrual principle, Conservatism principle., Consistency principle, Cost principle, Economic entity principle, Full disclosure principle, Going concern principle, , Matching principle etc.
<h3>What are the correct concept for each of the following activities using the drop-down list?</h3>
- Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the assumptions and land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. - The historical cost.
- Atwell Corporation has not prepared financial statements for external users for over three years. - The periodicity assumption.
- The Klingon Company sells farm machinery. Revenue from a large order of machinery from a new buyer was recorded the day the order was received. - The realization principle.
- Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utility bill for Smith's personal residence and recorded a $150 expense. - Economic entity assumption.
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Answer:
<em>Segmentation</em>
Explanation:
Market segmentation <em>is the method of separating into factions or parts a market of potential customers based on the various features.</em>
The divisions produced are made up of customers who react to marketing campaigns in a similar manner and share characteristics such as similar tastes, preferences, or locations.
Answer:
Personal Pros & Cons
Explanation:
To become a whistleblower in this situation, you might want to stay anonymous when reporting the situation. By staying anonymous you can report this situation without being worried that this HR director will know. But, if you don't want to become the whistleblower someone else might report them and you'll be out scot-free. But in the chance, someone doesn't, then you might feel guilty for not reporting this issue.
Answer:
This situation would cause a 2015 deferred tax amount of $900
Explanation:
Deferred tax liability: It is a liability which shows a difference between taxable income and the accounting earnings available before taxes.
In mathematically,
Deferred tax liability = Taxable income - accounting earnings available before taxes
In this question, we multiply the revenue item by an income tax rate
In mathematically,
= Revenue item × income tax rate
= $3,000 × 30%
= $900
Hence, this situation would cause a 2015 deferred tax amount of $900
Answer:
Arbitration
Explanation:
Arbitration is a type of dispute resolution method. In arbitration, two or more conflicting parties engage an independent third party who listens and considers the evidence presented by all parties before making a decision. The arbitration process is conducted by a single arbitrator or a tribunal of three arbitrators.
An arbitrator is required to be experienced in the arbitration process. His or her role is similar to that of a judge. An arbitrator may have legal experience or be knowledgeable in the matters causing the dispute. The decisions of an arbitrator are enforceable in a court of law. The arbitration process is much faster and cheaper compared to the court process.
