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SOVA2 [1]
3 years ago
8

The accounting standards state that management is responsible to evaluate the​ entity's ability to continue as a going concern

within one year after the date the financial statements are issued. True or False
Business
1 answer:
Firdavs [7]3 years ago
6 0

Answer:

True

Explanation:

The FASB's norms (FASB Accounting Standards Update No. 2014-15 , August 2014) state that management is responsible for evaluating the conditions necessary for the company to continue operating and meeting its obligations within one year after the financial statements have been prepared.

Under the GAAP, management should continue to prepare financial statements as long as the company is able to operate until the company's liquidation is imminent. The going concern accounting principle states that the company will continue operating for the foreseeable future.  

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With recent reports of identity theft, Mr. Adams, the CEO of a construction company, is concerned about his employees' privacy,
Ket [755]

Answer:

Moral Rights

Explanation:

Mr. Adams' concerns with privacy and health and safety are key elements in the <u>Moral Rights</u> approach to deciding ethical dilemmas

5 0
3 years ago
The anticipation of the first blooms of spring flowers is one of the joys of april. one of the most beautiful is that of the jap
Inga [223]
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5 0
3 years ago
What should you do if the severity of risk is low and the frequency of the risk event occurring is high?
borishaifa [10]

If the severity of risk is low and the frequency of the risk event occurring is high thanwe should Avoid the risk.

High Frequency/ High Severity- Risks are almost certain to occur and when they occur impact will be very high. In such a case it is best to use Avoidance as a risk management technique. If avoidance is not possible then prevention and insurance techniques can be considered. High frequency/ Low severity- This more serious risk and occurrence is high but the impact is low. Examples of such risks include workers’ injuries and shoplifting. A common way to manage this type of risk is through Prevention.

Low frequency/ High severity- The impact of these kinds of risks is very high and can bankrupt a business. Insurance is the best technique to manage these risks that have low loss frequency and high loss severity. Low frequency/ Low severity- Retaining and self-insuring the risk. Risk occurrence is low and impact is also very low. In most cases, the costs of managing them outweigh the cost of retaining them.

Learn more about risk frequency here:- brainly.com/question/254161
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4 0
2 years ago
The marketplace sets the price for wheat, so farmers who are trying to sell their wheat crops do not need a pricing strategy and
jek_recluse [69]

Answer:

The correct answer is option c.

Explanation:

The only kind of market structure where the price is set by market forces and not the firms is pure competition. The firms in other market structures such as oligopoly, monopoly and monopolistic competition are price setters.  

The market for wheat is a pure competition as there is a large number of sellers who are producing identical products. The firms are price takers and the price is determined by market forces.

5 0
3 years ago
Measuring a company's business transactions and communicating those measurements for decision-making purposes in the form of fin
telo118 [61]

Answer:

The correct answer is d. accounting cycle.

Explanation:

The accounting cycle, also known as the accounting process or registration flow, is the period in which the Company chronologically and reliably records each transaction in its respective Daily Book in order to analyze, prepare and prepare financial information.

The accounting process is made up of all the steps that must be followed since an accounting event occurs until it is introduced into the system and, therefore, is reflected in the financial statements.

The stages of the accounting cycle begin with the identification of the accounting fact, such as with a sale of merchandise. The next step is to generate an accounting document that supports this transaction and allows it to be reflected in quantified accounting in monetary units and with a specific date.

Once this document is generated (delivery note or invoice) the operation is recorded in the Daily Book. At the end of the accounting cycle, which is usually from January to December, the transactions are transferred to the general ledger. After some regularizations (amortizations, reclassifications between short term and long term, calculation of the result, etc.) the accounting is closed to generate the final financial statements.

8 0
3 years ago
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