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-BARSIC- [3]
2 years ago
15

During its first year in business, Comfy Home accounted for its inventory using the last in first out (LIFO) method. In the seco

nd year of business, Tenisa asks the accountant if the company can switch to first in first out (FIFO) because she recently learned FIFO will tend to increase both the value of assets and net income. The accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason. This is an example of the principle of:________
a. Conservatism.
b. Relevance.
c. Consistency.
d. Reliability.
Business
1 answer:
Dmitry [639]2 years ago
5 0

Answer:

Consistency principle

Explanation:

Accounting principles are defined as the general rules of.axcpunting that businesses are expected to follow when reporting financial information.

Accounting principles include:

- Accrual principle

- Conservatism principle

- Consistency principle

- Cost principle

- Economic entity principle

- Full disclosure principle

- Going concern principle

- Matching principle

- Materiality principle

- Monetary unit principle

- Reliability principle

- Revenue recognition principle

- Time period principle

Consistency principle requires one the continue using an accounting method consistently for future accounting periods so that information can be easily comparable.

In the given scenario the accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason.

This is an example of consistency principle

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3 years ago
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In standstill water a steam boat is accelerated 3 m per square from position of rest in an interval of 8 sec determine the dista
iragen [17]

<h2>Given:-</h2>

  • Acceleration ,a = 3m/s

  • Initial velocity ,u = 0m/s

  • Time taken ,t = 8s

<h3>To Find:-</h3>

  • Distance travel by the boat ,s
<h3 /><h3>Solution:-</h3>

We have to calculate the distance covered by the boat in given time interval. Using 2nd equation of motion

<h3>s = ut + 1/2at²</h3><h3 />

where,

v is the final velocity

a is the acceleration

u is the initial velocity

t is the time taken

s is the distance covered

Substitute the value we get

:⟹ s = 0×8 + 1/2×3 × 8²

:⟹ s = 0 + 1/2 × 3 × 64

:⟹ s = 3/2 × 64

:⟹ s = 3 × 32

:⟹ s = 96 m

Hence, the distance covered by the steam boat is 96 metres.

8 0
2 years ago
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The partnership agreement of J. Hansen and D. Hernandez reflects differences in service and capital contributions as follows: (1
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Answer:

$60,000

Explanation:

Hansen's annual salary allowance= 30,000

Hernandez's  annual salary allowance= 10,000

annual interest allowance of Hensen= 0.1 × 50,000= 5000

annual interest allowance of Hernandez= 0.1 × 50,000= 5000

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3 years ago
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<h3>Answer</h3>

To address employees concerns and provide details about relocation.

<h3></h3>

Explanation

CEO Jim Lent addressed the employees at Toyota to their concerns and to inform them about the relocation that is planned at a board level and then it is to be implemented.

CEO of Toyota is therefore addressing the employees to provide them details about relocation and to address their concerns.

<h3>Conclusion</h3>

Jim Lent CEO of Toyota, addressed the employees to provide them details about relocation and to address their concerns.

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John's band's Facebook page has 17,000 likes. If each of his fans has friends that number 15 percent of the likes that John has,
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