Answer:
a. Observance of reasonable commercial standards of fair dealing
Explanation:
As Richard owns and operates a small business at an outdoor market where he sells fruits and vegetables. UCC specifically require Richard with respect to his customers to treat them equally and fairly and he should not be involved in any kind of cheating and misleading the customers in any way and at any level. Customers should be proved with the quality and fresh fruits and vegetables at the reasonable mentioned and set prices.
Answer:
- Adjusted Cost of Goods sold = $1,206,860
- Adjusted Retained Earnings = $4,675,190
Explanation:
An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.
An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.
Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory
= 1,290,700 + 32,910 - 116,750
= $1,206,860
Adjusted Retained earnings
The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.
= Retained earnings - Overstatement of inventory
= 4,708,100 - 32,910
= $4,675,190
Answer:
YES
Explanation:
Information systems can in fact provide solutions to a lot of organizational problems in businesses and companies. Information Systems can help collect data, statistics, and overall organization. Let's say you are looking into starting a moving business. In order to do that you need to hire employees. An information system such as Indeed can assist you with that. If you are looking to provide invoices to your customers an information system such as Quickbooks can help you with that. There are soo many Information Systems our there that can help a business with any problem.
Answer:
B. Full disclosure principle
Explanation:
Full disclosure principle ensures that all relevant financial information is reported
