1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.  

You might be interested in
The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates:
beks73 [17]
The percentage change in the quantity demanded of film divided by the percentage change in the price of cameras indicates:

The price elasticity of demand for film

7 0
3 years ago
A buyer is looking for a multi-family option that includes common area maintenance and will allow him to take advantage of tax i
Deffense [45]

Answer:

If you by a condo, you can deduct your mortgage interests from your gross income, property taxes are also deductible, and you can also get a homestead exemption on your condo since it is your home.

Co-ops on the other hand are corporations that own a building, and you own shares of that corporation. It is very difficult and only under certain circumstances, you can deduct mortgage interest expenses on a co-op, but generally not. You cannot deduct property taxes since you do not own any property yourself and you cannot claim a homestead exemption for a co-op for the same reason.

That is why co-ops are usually cheaper than condos.

3 0
3 years ago
Francisco leased equipment from Julio on December 31, 2021. The lease is a 10-year lease with annual payments of $159,000 due on
vodomira [7]

Answer: $789855

Explanation:

Initial liability = $1,006,192

Less: Payment = $159,000

Liability = $847192

× Implicit rate 12%

Interest = 12% × $847192 = $101663

Then, reduced balance will be:

= Payment - Interest

= $159,000 - $101663

= $57337

Therefore, Francisco lease liability at December 31, 2022 will be:

= $847192 - $57337

= $789855

4 0
3 years ago
Philips, a multinational electronics corporation based in the Netherlands and diversified in the consumer electronics, domestic
Mekhanik [1.2K]

Answer:

c. Cultural differences, government demands, and local competitors

Explanation:

Philips organization is multinational organization and it encounters the forces of local responsiveness as follows:

Cultural differences: As it is selling electronics it will remove cultural differences as that arise, because each person irrespective of its culture will use electronics.

Government demands of the country in which the organization is set up has to be met in order to thrive and find extra support from government.

As the company is an outsider to the states it needs to evaluate the local competitors properly in order to thrive and lead in the state of Netherlands.

4 0
3 years ago
Jack just bought a car. what risk does he face?
Oxana [17]

Jack can face multiple risks.

He can be injured or killed in a car wreck.

He can injure or kill someone in a car wreck.

Bills.

Car note.

Gas Money

Tickets.

Parking.

Hope this helps Buddy!



- Courtney

4 0
3 years ago
Read 2 more answers
Other questions:
  • Arman sets the goal for his sales team to increase revenue by 40%. which main function of a manager does this demonstrate?
    7·2 answers
  • Which of the following would be included in the management function of planning?
    11·1 answer
  • Storytime Park competes with Splash World by providing a variety of rides. Storytime sells tickets at $ 100 per person as a​ one
    11·1 answer
  • True or false? under medicare part a, a beneficiary can have an unlimited number of benefit periods.
    13·1 answer
  • Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1. Accounts receivable $ 40
    8·1 answer
  • The new-product process stage of market testing involves which two of the following? Exposing actual products to prospective con
    9·1 answer
  • Consider the following premerger information about a bidding firm (Firm B) and a target firm (Firm T). Assume that both firms ha
    14·1 answer
  • Arbitrage means taking advantage of temporary differences in market prices to make a profit. Assume two real estate companies, A
    7·1 answer
  • Is Donald Trump a great president or Joe Biden?
    15·1 answer
  • What remarketing audiences cannot be defined by default?.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!