The answer to this question is F
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Answer: Accounting concept refers to the assumptions on which the recording of transactions is done.
Explanation: The following options could be characterized as follows :-
A. Going concern assumption
B. Economic entity assumption
C. Full disclosure principle
D. Monetary unit assumption
E. Materiality
F. Periodicity assumption
G. Expense recognition principle
H. Historical cost principle
Answer:
Aperson with better financial ability would have a less perceived value than someone with lesser financial ability. For example, a celebrity could buy a piece of clothing (jeans,shirts, jackets, etc.) for $100 and it would be nothing to them. But to someone working a regular 9 to 5 job, that would be an excessive amount of money to spend on one piece of clothing.
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Answer:
$38,000
Explanation:
The amount of cash collections would be computed as;
Cash collections = Beginning accounts receivable + Credit sales - Ending accounts receivable
Where;
Beginning accounts receivable = $5,000
Credit sales = $40,000
Ending accounts receivable = $7,000
Therefore,
Cash collections = [($5,000 + $40,000) - $7,000]
Cash collections = $38,000
