The four general accounting principles from the provided options are going concern principle, time period principle, full disclosure principle and revenue recognition principle.
<h3>What are accounting principles?</h3>
Accounting principles are the rules and guidelines which guide the accounting users in preparing and finalizing the accounting reports.
The principles of accounting are as follows:
- Going concern principle is a concept that treat a business firm to have an indefinite life.
- Time period principle states that the activities performed by an entity should be bifurcated into various periods.
- Full disclosure principle signifies that each and every material information must be reported in the accounting statements and none of the information should be hide out.
- Revenue Recognition principle is the one where an income is recorded when it is actually earned and the expense is recorded when it is charged. The cash receipt and cash payment would be irrelevant in this concept.
Therefore, the principles related to accounting process has been explained as above.
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Answer:
Decrease total assets and net income.
Explanation:
There is an inventory write down because the value of inventory has decreased. The net realizable value of inventory is less than its cost.
Inventory write down involves expensing a part of the inventory asset in the current period.
As a result of the write down, inventory would decrease. Inventory is part of total assets. Thus, total assets would decrease
Also, cost would increase because of the write down and so net income would decrease.
Answer:
Unrealized gain = $12,000
Explanation:
Security Cost A Fair value B Unrealized amount (B-A)
ABC $40,000 $55,000 $15,000
DEF $72,000 $65,000 -$7,000
XYZ $16,000 $20,000 <u>$4,000</u>
Total <u>$12,000</u>
So, the unrealized gain to be recorded is $12,000
Answer: Four times.
Explanation:
Based on the information given, the government expenditure multiplier in this case goes thus:
K = ∆Y/∆G = 1/1-MPC = 1/MPS
For the first country with a MPS of 0.05, K = 1/MPS = 1/0.05 = 20
For the first country with a MPS of 0.2, K = 1/MPS = 1/0.2 = 5
Therefore, 20/5 = 4.
Therefore, the answer is four times.