All categories

4 years ago

4. What accounting assumption, principle, or constraint would use in each of the situations below?

Business

1 answer:

Alex_Xolod [135]4 years ago

6 0

Answer:

A.) Revenue Recognition

B.) Full disclosure

C.) Expense Recognition

D.) Historical Cost

Explanation:

Revenue Recognition principle maintains theta revenue is entered into the income statement onev it is earned or incurred without necessarily waiting till cash is paid.

Expense Recognition is usually related to when assets are being converted into expenses such that cost of asset is apportioned over the useful years of the asset.

Full Disclosure maintains the release or disclosure of information related ongoing business operations such as pending lawsuit during the disclosure of business financial statement.

Historical Cost: This involves value recorded on the balance sheet that portrays the original amount paid to acquire an asset at the time of purchase

You might be interested in

Which of the following does not use excessive coordination or subordination?

In-s [12.5K]

Answer:

B. Because he had soon designed several toys of his own, and he had also done many kinds of book illustrations, he was able to sell his work to other toy companies.

Explanation:

Subordination refers to how two clauses in a sentence are joined together where on clause is dependent on the other.

Coordination refers to how two clauses, phrases or words in a sentence are given the same emphasis. This is usually done by using: and, but, for, or, not, yet and so.

8 0

4 years ago

Changing the method of inventory valuation should be reported in the financial statements under what qualitative characteristic

SashulF [63]

Answer:

These are the answer choices for the question:

a. Consistency

b. Verifiability

c. Timeliness

d. Comparability

And this is the correct answer choice:

a. Consistency

Explanation:

Consistency is the qualitative characteristic of accounting information that allows an investor, a stockholder, or a government official, to look at accounting data and establish that the quantities presented are all obtained in a consisten manner depending on the type of account.

This means that if cash is resported in dollars, all cash and cash equivalents are reported in dollars, and that if inventory is reported under a specific system, if that system is changed at any point in the future, stakeholders are informed.

4 0

3 years ago

What do you feel is the main idea you learned about personal finance and financial literacy.

abruzzese [7]

Answer:

personal finance and Financial literacy gives an advantage to exploit the financial products available nowadays and to manage the resources of a single person or a family in the best way possible to achieve their goals.

7 0

4 years ago

Sadie and sam share income equally. for the current year, the partnership net income is $40,000. sadie made withdrawals of $14,0

stira [4]

First calculate sam's share income
40000/2=20000

sam's capital account balance at the end of the year is
sam capital - withdrawals + share income
58,000−15,000+20,000
=63,000

So the answer is 63000

Hope it helps!

6 0

3 years ago

Use the Washington Post article Why We've Been Hugely Underestimating the Overfishing of the Oceans to answer the question. Whic

xenn [34]

Answer & Explanation:

Fish is a common resource not a public good because it is subject to rivalry in consumption.Tragedy of commons results when property right aren't assigned for the common resource.

4 0

4 years ago