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2 years ago

Qualities of useful accounting information

Business

1 answer:

Bad White [126]2 years ago

6 0

Answer:

Understandability.

Relevance.

Consistency.

Comparability.

Reliability.

Objectivity.

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All of the following statements regarding accounting treatments for liabilities under U.S. GAAP and IFRS are true except:_______

mihalych1998 [28]

Answer:

A) Accounting for bonds and notes under US GAAP and IFRS is similar.

Explanation:

US GAAP and IFRS do not have the same accounting guideline for bond issue cost:

Under US GAAP, bonds payable is recorded at face value while premiums or discounts are recorded separately. While under IFRS, bonds payable is recorded using the carrying value, and amortization or premiums or discounts is done by using the effective-interest method.

5 0

3 years ago

The account balances of Sentinel Travel Service for the year ended August 31, 2019, are listed below:

Yanka [14]

Answer:

Explanation:

The preparation of the report form balance sheet as of August 31, 2019 is presented below:

Sentinel Travel Service

Report form balance sheet

For the year ended August 31, 2019

Assets

Cash $143,125

Account receivable $54,240

Supplies $9,300

Land $248,000

Total assets $454,665

Liabilities

Account payable $19,370

Owner equity

Ending capital $435,295

Total liabilities

And owners equity $454,665

The net income would be

= Fees earned - Office expense - Miscellaneous expense - Wages expense

= $774,800 - $178,205- $15,495 - $371,905

= $209,195

And, the ending capital would be

= Opening capital - withdrawn amount + net income - additional cpiatl

= $209,000 - $29,400 + $209,195 + $46,500

= $435,295

7 0

3 years ago

Why is it important to include a persons title when developing a reference sheet?

jonny [76]

It is important to include a person's title when developing a reference sheet because it gives credit to the person

6 0

3 years ago

Read 2 more answers

When the environment becomes more turbulent and unpredictable: a. External consultants need to play a greater role in strategy m

topjm [15]

Answer:

The answer is d. Strategy becomes an increasingly important as a source of direction

Explanation:

6 0

3 years ago

Consider the market for orange juice. Suppose two events occurred last week. During the course of this past week, the price of o

True [87]

Answer:

these two events would lead to an increase in equilibrium quantity and have an indeterminate effect on equilibrium price

Explanation:

As a result of the decrease in the price of oranges which is use in the production of orange juice, there would be a rightward shift of the supply curve for orange juice. A a result, the supply of orange juice would increase and price of orange juice would fall

Substitute goods are goods that can be used in place of another good.

The doubling of the price of coke would lead to a decrease in the demand for coke and an increase in the demand for orange juice. This would shift the dead curve for orange juice to the right. As a result, both equilibrium price and quantity increases

these two events would lead to an increase in equilibrium quantity and have an indeterminate effect on equilibrium price

8 0

3 years ago

Qualities of useful accounting information​

Qualities of useful accounting information