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vodka [1.7K]
2 years ago
15

Capitalizing goodwill only when it is purchased in an arm's-length transaction, and not capitalizing any goodwill generated inte

rnally, is an example of...(a)Accrual accounting winning out over cash-basis accounting.(b)GAAP winning out over IFRS.(c)Faithful representation winning out over relevance.(d)Financial accounting winning out over managerial accounting.
Business
1 answer:
stiv31 [10]2 years ago
7 0

Answer:

The correct answer is (C)

Explanation:

They are the two crucial characteristics that are general used to make accounting data more useful to make long-term decisions. To be exact, faithful representation helps to attain the relevant data for the company and this quality enhances the reliability of financial data. Completeness, fairness and free of error these three characteristic are a part of faithful representation of data.

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3 years ago
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Cost of merchandise sold reported on the income statement was $155,000. The accounts payable balance increased $8,000, and the i
RideAnS [48]

Answer:

Cash paid 168,000

Explanation:

Assuming that there were no inventory at start of the year

purchases during the year :

Sold                                                     = 155

Closing inventory                              = 21

Total purchase (155+21)                    = 176

Cash paid for merchandise = total purchase - increase in liability

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3 years ago
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What did business leaders promise hoover they would do to help the economy?
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3 years ago
What conditions must be met for a company to include a transaction in reported revenue for a given period?
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Answer:

Conditions to be met by a company to recognize a transaction in revenue for a given period are:

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