Answer:
The answer is Quality of information and Asymmetric information
Explanation:
Information quality is a multi-attribute concept, it is said to define the quality of information are of good quality or of high value then the information is said to have good quality.
Asymmetric information also regarded as "information failure" occurs in a business environment in which some agent in a trade possesses information while other agents involved in the same trade do not.
Answer:
$95,000
Explanation:
Given that,
Professional fees expense balance = $82,000
Billed amount for November, Year 1 = $6,000
Unbilled fees for Year 1 = $7,000
Professional fees expense for the year ended December 31, Year 1:
= Professional fees expense balance + Billed amount for November, Year 1 + Unbilled fees for Year 1
= $82,000 + $6,000 + $7,000
= $95,000
Therefore, the amount should Pak report for professional fees expense for the year ended December 31, Year 1 is $95,000.
Answer:
Susan is owning a business and this type of ownership is called Sole proprietorship.
Explanation:
In the question the details which are provided are:
Susan is owning a business and she is operating a large restaurant in Dallas which is giving employment to about fifty people there.
She has also kept two managers for assisting her in the restaurant work and she delegates some decision making from them too but the ownership remains only with her.
So, this form of business ownership is called sole proprietorship.
Sole proprietorship: It is the simplest and easiest way of starting a business of one's own. In this type of unincorporated business the business is owned and run by a single member or individual.
It does not deals with the legal contracts between the business entities and any individual.
Examples: It constitutes of single person membership in the business.
So, the businesses like a grocery store, food mart, or restaurants can be their examples.
In this type of business as soon as we start providing the services to the other people thatis named as sole proprietorship.
Answer:
$258,500
Explanation:
The terms FOB shipping point indicates that ownership of the goods will passes to the buyer immediately the goods are accepted or collected from the seller by the public carrier. Since the goods in the question are already in transit, they should be added to the closing stock.
FOB destination destination implies ownership of the goods passes to the buyer at the destination. Since the goods in the questions are still in transit, they should be included in the closing stock.
Therefore, we have:
December 31 inventory = $210,000 + $24,000 + $24,500 = $258,500
Therefore, Bonita should report $258,500 as its December 31 inventory,