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3 years ago

Identify which basic principle of accounting is best described in each item below.

Business

1 answer:

adelina 88 [10]3 years ago

4 0

Answer:

The Matching Principle

Explanation:

The Matching Principle of accounting holds that revenues should be matched with expenses. Hence the name.

This is to say, that revenues should only be recognized when the associated expenses with those revenues have been spent.

For example, in numeral a), we can see that Norfolk Southern Corporation recieved cash in advance, but it only recognized revenue once it had performed the services associated with that cash collection.

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Calculate gross profit for the following situation: National Storage Company had sales of $1,000,000, sales discounts of $2,500,

Pie

Answer:

$475,500

Explanation:

Sales is $1,000The discountscount is $2500

Sales return and allowances are $15,000

The cost of goods sold is $525,000

Therefore the gross profit can be calculated as follows

= 1,000,000-2,500-15,000-525,000

= 457,500

Hence the gross profit is $475,500

3 0

3 years ago

The model of technological choice presented in unit 2 of the economy suggests that the main reason the industrial revolution fir

Westkost [7]

the main reason the industrial revolution first occurred in Britain was that in Britain the price of coal was low relative to labor. Thus, making everyone want to own and make products using the steam engine which ultimately created the first industrial revolution.

The Industrial Revolution, which took place between roughly 1760 and between 1820 and 1840, was the adoption of new manufacturing techniques in Great Britain, continental Europe, and the United States. This transition encompassed the switch from manual to mechanical production methods, the invention of new ways of producing chemicals and the iron, the expansion of steam and water power, the creation of machine tools, and the growth of the mechanized factory system.

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1 year ago

The management at ABC Computers believes that high sales will result in high profits. Together with the company sales force, man

meriva

Answer:

sales orientation

Explanation:

Sales Orientation -

It is the business method to make profit just by selling the products to the customer rather than considering the needs of the customer , is known as sales orientation .

This method is adapted by to increase the profit margin.

Hence , from the question , the company is using , sales orientation .

4 0

3 years ago

Human Relations skills involve

xz_007 [3.2K]

Answer:

Human relations skills include the ability to understand human behavior, to communicate effectively with others, and to motivate individuals to accomplish their objectives.

Explanation:

3 0

3 years ago

Read 2 more answers

On January 1, Year 1, Missouri Co. purchased a truck that cost $35,000. The truck had an expected useful life of 10 years and a

ANTONII [103]

Answer:

B. $5600

Explanation:

Purchase price = $35,000

Expected life cycle= 10 years

Salvage value= $3000

Depreciation expense at the year 2= ?

Solution:

Using a straight line method.

Depreciation= Purchase price/expected useful life( straight line method)

Depreciation= 35,0000/10

=$3500 which is equivalent to 10% of the original price.

Using double declining-balance method, the value will double to

Depreciation expense in Year 1 = (20% of $35000) $7000

Depreciation expense in Year 2=

(20% of $28,000) $5600

8 0

4 years ago