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Ket [755]
3 years ago
11

Select the accounting principle, assumption, or related item that best completes the sentence. Ex: Material. Full disclosure. Fa

r value. Relevance. Periodicity. Consistency. Revenue recognition. Comparabitlity. Confirmatary value.1. _________and ___________are the two fundamental qualities that make accounting information useful for decision making.2. Information that helps users confirm or correct prior expectations has __________.3. _________enables users to identify the real similarities and differences in economic events between companies.4.________ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.5. Information is __________if omitting it or misstating it could influence decisions that users make on the basis of the reported financial information.6. The _________characteristic requires that the same accounting method be used from one accounting period to the next, unless it becomes evident that an alternative method will bring about a better description of a firm's financial situation.7._______means that a company cannot select information to favor one set of interested parties over another.8. Providing information that is of sufficient importance to influence the judgement and decisions of an informed user is referred to as _________.9. Corporations must prepare accounting reports at least yearly due to the____________ assumption.10._____________occurs when the performance obligation is satisfied.
Business
1 answer:
KIM [24]3 years ago
4 0

Answer:

1. Relevance and faithful 2.confirmatory value 3.Comparability 4. fair value 5. material 6. consistency 7. neutrality 8.Full disclosure 9. periodicity 10. Revenue recognition

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Vert Company purchased Dextrin common stock for $150,000. At December 31, Year 2, the Fair value adjustment account had a debit
VashaNatasha [74]

Answer:

B. Credit to the fair value adjustment for $6000

Explanation:

December 31 (year 2)

Fair value adjustment account balance = $10,000 (Debit)

December 31 (year 3)

Fair value adjustment account balance = $154,000 - $150,000 =$4,000 (Debit)

As you can see in year 2 there were only $10,000 (debit) in fair value adjustment account but in year 3 the value dropped down to 4,000 debit which leads us to the journal entry of $6,000 Credit in fair value adjustment account balance

7 0
3 years ago
Depletion glacier mining co. acquired mineral rights for $494,000,000. the mineral deposit is estimated at 475,000,000 tons. dur
Snezhnost [94]

Answer:

a.

1.04 per ton

b.

$32,760,000

c.

Dr. Depletion Expense           $32,760,000

Cr. Accumulated Depletion   $32,760,000

Explanation:

Depletion is an estimated cost of a natural resource that is extracted. This resource is expensed as the extraction is made.

As per given data

Value of Rights = $494,000,000

Estimated resources = 475,000,000 tons

Resources extracted in the period = 31,500,000 tons

Depletion expense is based on ratio of the amount of extraction in period to the total expected resource.

a.

Depletion Rate = $494,000,000 / 475,000,000 tons = $1.04 per ton

b.

Depletion Expenses = $1.04 x 31,500,000 tons = $32,760,000

c.

Depletion Expense is recorded by the debit entry because the expenses has the debit nature and accumulated depletion is credited because it is an contra asset account which have credit nature.

8 0
3 years ago
Beckingham Sports is an American sporting goods company. Based on $400,000 spent on market research and $600,000 spent on consul
Cerrena [4.2K]

Answer:

The correct answer is E)

Explanation:

Capital budgeting is an accounting method that corporations use to decide which planned acquisitions of fixed assets will be approved and which should be refused.

Some examples of Capital Expenditures include:

  1. Construction of an additional building
  2. Procurement of delivery vehicles
  3. Procurement of new equipment
  4. Rehabilitation of existing equipment

If one of the criteria for classification under Capital Expenditure is that it must be in the plan, then none of the above items mentioned in the question will fly.

Monies have already been expended on the options A, B, and C.

Option D is an offer to purchase an existing asset, not a planned investment. Therefore it also does not qualify.

Hence the correct answer is E.

Cheers!

3 0
3 years ago
Umami currently sells its premium snacks in four retail chains -- two grocery chains, one health-food chain, and one convenience
Tpy6a [65]

Answer:

Selective.

Explanation:

This was the best choice. Umami snacks are a convenience snack product, but are unique with their healthy positioning and premium pricing. To simplify channel management, Umami can focus its efforts on intermediaries that share a common focus.

8 0
3 years ago
State law of diminishing returns​
DedPeter [7]

Answer:

see below

Explanation:

The law of diminishing marginal returns indicates that in every production process, adding one more input while holding the others constant will result in the overall decrease in output.

According to this law,  adding one more production unit diminishes the marginal returns, and the average production cost increases. Marginal returns refer to the benefits associated with the production of an extra unit.  

The gain derived from the use of more input while keeping all other factor constant decreases as production increases. For example, employing more workers while all other variables remain constant will result in reduced labor productivity.

6 0
3 years ago
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