F ZMW 51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at ZMW 51,000.

Business

1 answer:

Tomtit [17]2 years ago

5 0

Answer:

This is made due to the application of the cost principle or historical cost concept.

Explanation:

The cost principle or historical cost concept states that the assets, equities, and liabilities are required to be recorded on the financial records on the basis of their original cost. Thus as the cash paid is ZMW 51,000, the same is required to be recorded on the balance sheet of the buyer.

You might be interested in

Which of the following statements accurately describes the free enterprise

Readme [11.4K]

Answer:

Businesses are generally free of government ownership and

control

Explanation: The answer is C.

6 0

2 years ago

What are three advantages and three disadvantages of globalization

umka21 [38]

Living dying survival food water animals according to my ficisallogu Shri

5 0

2 years ago

If country A exports $10 billion worth of goods to country B and imports $8 billion worth of goods from country B, then country

mr_godi [17]

Answer:

b. $2 billion trade surplus with country B.

Explanation:

When a country exports more than it imports, it is said that the country has a trade surplus. On the other hand, when a country imports more than it exports, it is said that the country has a trade deficit.

In this case, exports to country B are worth $10 billion which are larger than the $8 billion of imports from country B. Country A's trade surplus is given by:

$S = \$10-\$8\\S=\$2\ billion$

Therefore, the answer is alternative b.

6 0

3 years ago

When a company uses the allowance method to measure bad debts, ________.

Phoenix [80]

<span>When a company uses the allowance method to measure bad debts, </span><span>the amount of bad debts expense is estimated at the end of the accounting period.

The allowance method is used when adjusting accounts receivable on the balance sheet. This refers to amounts that have not been collected yet, such as bad debt.
</span>

6 0

3 years ago

Which of the following is a way to use credit responsibly? Question 1 options: Paying only the minimum payment each month Unders

SSSSS [86.1K]

Understanding the accounts interest rate

8 0

3 years ago