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trasher [3.6K]
3 years ago
9

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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Cash equivalents are securities that a.have maturity dates of 3 months or less. b.have maturity dates of at least 6 months. c.ma
Ahat [919]

Answer:

a. have maturity dates of 3 months or less

Explanation:

Cash equivalents refer to those short term highly liquid security investments such as marketable securities like commercial papers which can be converted into cash within 90 days or 3 months.

Cash equivalents are characterized by their maturity period being 3 months or lesser.

Commercial papers and certificate of deposits maturing in less than 3 months constitute cash equivalents.

Two major characteristics of cash equivalents being, their maturity period being 3 months or lesser and their maturity value is not subject to fluctuations i.e it is known in advance.

3 0
3 years ago
On December​ 31st, Datton, Inc. has cost of goods sold of $ 550000​, ending inventory is $ 101000​, beginning inventory is $ 120
Gnoma [55]

Answer:

72 days

Explanation:

The computation of the accounts payable turnover ratio is shown below:

Accounts payable turnover ratio = Total Purchases ÷ Average Accounts payable

As we know that

Cost of goods sold =  Beginning inventory + total purchases - Ending inventory

i.e  

Total Purchases = Cost of goods sold + Ending Inventory – Beginning Inventory

= $550,000 + $101,000 - $120,000

= $531,000

So, the account payable turnover ratio is

= $531,000 ÷ $105,000

= 5.06 times

Now in days it is

= 365 days ÷ 5.06 times

= 72 days

5 0
3 years ago
Your job is on the cash register at the check-out counter. an impatient customer jumps ahead of several customers already waitin
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The best thing to do in this situation is to ask the customer who is impatient to wait in line, it is best to inform the customer in a calm and professional manner to prevent conflict or misunderstandings to arise. It is also best to explain why the customer should wait in line for all other customers are waiting patiently to get their turn. It is only appropriate to follow the rules in order to prevent misunderstandings from happening.
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What future IT capability needs (both physical and human) could the organisation have with respect to document design and produc
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Answer:

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Explanation:

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Mocha Company earned net income of $ 105,000 during the year ended December ​31, 2018. On December ​15, Mocha declared the annua
lapo4ka [179]

Answer:

The answer is given below;

Explanation:

Retained Earnings   (125,000*2%) Dr.$2,500

Dividend payable                                            Cr.$2,500

Retained Earnings  (62,000*.25)  Dr.$15,500

Dividend Payable                                         Cr.$15,500

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3 years ago
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