Answer:
ans-b
Explanation:
The ans is b, hope it helped you.Have a nive day
Answer:
Comparability : Inter company comparison , Consistency : Company time series comparison.
Explanation:
Consistency is quality of accounting information, enabling the same company's financial performance comparison over different periods of time. Consistency needs stable accounting methods used for a considerable period of time, unless their changing is necessary.
Eg : Using whichever method straight line or written down value - to calculate depreciation, should not be changed unless necessary.
Comparability is the quality of accounting information, enabling the company's financial performance comparison with other companies. It needs accounting methods following generally accepted accounting principles.
Eg: Accrual basis of accounting is generally standardised, acceptable and using other i.e cash basis won't enable company's comparison with others.
Consistency and comparability are very crucial to analyse company's financial performance - growth with time, growth as per industry standards respectively.
Answer: Resources required to fulfil our needs are insufficient
Explanation:
Scarcity in economics is the term used to describe the notion that the needs of a society are infinite but the resources needed to satisfy these needs are finite.
This is why humans have to constantly make a trade-off between resources needed to satisfy a need by picking one alternative course of action that requires a resource over another.
Probably MGM resorts and hotels!
Answer:
D.) $75,000
Explanation:
Amount of revenue recognized = Cost incurred to date / Estimated total cost * Contract price
Cost incurred to date=60,000
Estimated total cost=400,000
Contract price=500,000
Amount of revenue recognized= 60,000/400,000 * 500,000
=0-15 * 500,000
=$75,000
Amount of revenue recognized in year 1 is $75,000