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3 years ago

The four general accounting principles include: (Check all that apply).

Business

1 answer:

charle [14.2K]3 years ago

5 0

Answer:

The four accounting principles are:

Expense recognition: this principle establishes that expenses are recognized when their associated revenue is realized. For example, if I buy inventory in May, and sell it in June, I will recognize the inventory expense in June, not in May.
Measurement: this principle establishes that businesses should only record transactions when these transactions can be expressed in terms of money.
Revenue recognition: this principle establishes that revenues are accounted for when they are realized, not necessarily when they are paid for. For example, if I sell merchandise in June on credit, and the credit is due in July, I will recognize the revenue in June, not in July.
Full disclosure: this principle establishes that public companies (those that sell and buy their stock in the public market) should disclose all relevant financial information to the stockholders (the authorities, investors, credit rating agencies, auditing agencies).

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Read the following paragraphs about four films and then identify the purpose of each paragraph: to summarize, to analyze, to syn

Aleonysh [2.5K]

Answer: 1. To Evaluate

2. To Summarize

3. To Synthesize

4. To Analyze

Explanation:

1. When evaluating a work the main goal is to determine its worth and this is usually done based on previous perceptions as well as set standards. The person is statement 1 gives their opinion of the movie basing it off of the director being too ambitious. They give the film a low value because people were sleeping through it and then offer their opinion that the book should be read and the movie avoided.

2. When summarising the main purpose is to convert the large amount of information available to a smaller and more concise format from which the main idea of the work can be discovered immediately. The owner of the second statement made you as the reader know what happened in the film in not too many words so you get the main idea.

3. When works are synthesized, the author makes note of different things and then brings them together to form something entirely new. The author of this statement notes how the various elements were used to entice the viewer such as the music, the actions of the actors, and the tight camera angles. These are things were not central to the movie but the author made note of them and created a whole new narrative of why the movie was so successful.

4. When analyzing, the work is broken down into its composite parts to see how and if the parts go together. The author of the statement breaks the film down into a composite part which was when the prisoners helped the guards in shutting down the riots. The author then proceeded to explain how this part is not logical and then related this to the entire movie showing that the author also dissected other parts of the film and saw similar behavior.

5 0

3 years ago

Goshawks Co. produces an automotive product and incurs total manufacturing costs of $2,600,000 in the production of 80,000 units

Katena32 [7]

Answer:

Explanation:

Computation A:

Product Cost Markup = Desire to Earn Profit + Total Selling

Desired to Earn profit = $960,000 × 12%

Desired to Earn profit = $115,200

Product Cost Markup = Desire to Earn Profit + Total Selling

Product Cost Markup = $115200 + $105000

Product Cost Markup = $220,200

Percentage Markup = Product Cost Markup / Incur Total Manufacturing Cost

Percentage Markup = $220200 / $2600000

Percentage Markup = 8.5%

Computation B:

Per Unit Cost = $2,600,000 / 80000

Per Unit Cost = $32.5

Price of Product = $32.5 + ($32.5 × 8.5%)

Price of Product = $35.26

7 0

3 years ago

Read 2 more answers

The Nelson Company has $1,312,500 in current assets and $525,000 in current liabilities. Its initial inventory level is $380,000

Sedbober [7]

Answer:

company can value of $190909.1

Explanation:

Given data:

current assets = $1,312,500

current liabilities = $525,000

initial inventory level is $380,000

current ratio = 2.2

current liabilities is calculated as $= \frac{Current/ Assets}{current/ ratio}$

plugging all value in above relation

current liabilities $= \frac{1312500}{2.2}$

current liabilities = $ 596590.90

and we know current liabilities is $525,000. Thus company can value of $190909.1

8 0

3 years ago

How would you pay taxes on a earned income?

nasty-shy [4]

You must pay two types of taxes on earned income: Social Security/Medicare taxes (called FICA, OASDI, or payroll taxes) and income taxes. The payroll taxes that are withheld from your paycheck have two components.

3 0

3 years ago

Swan Company has a direct labor standard of 15 hours per unit of output. Each employee has a standard wage rate of $14 per hour.

slava [35]

Answer:

the actual payroll is $189,630

Explanation:

Calculation of Standard Payroll Cost

Standard Payroll Cost (flexed) = 13,100 hours×$14 per hour

= $183,400

Reconciling the Standard Payroll Cost to Actual Payroll Cost

Standard Payroll Cost (flexed) $183,400

Add unfavorable direct labor efficiency variance $15,400

Less favorable direct labor rate variance ($9,170)

Actual Payroll Cost 189,630

8 0

3 years ago