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Hoochie [10]
3 years ago
12

Principles-based standards differ from a rules-based approach because: Principles-based standards rely on bright-line concepts t

o apply accounting standards Rules-based standards rely on bright-line rules to apply accounting standards Principles-based standards set uniform goals for the application of accounting standards Rules-based standards form the basis of IFRS
Business
1 answer:
lions [1.4K]3 years ago
4 0

Answer: Principles-based standards set uniform goals for the application of accounting standards

Explanation:

Rule based standards are quite rigid and as a result, set specific goals when it comes to the application of accounting standards. This is in contrast to Principles based standards that set more uniform or general goals that should be met.

This is why IFRS is preferred by most nations in the world as opposed to U.S. GAAP. IFRS gives principle based standards which allow leeway unlike U.S. GAAP which is rules based and gives little leeway in application.

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The interior angles of a hexegon are in the ratio 3:3:4:5:6:7. Find; (a) The size of the smallest angle. (b) The size of the lar
stiks02 [169]

Answer: (a) 77\dfrac17^{\circ}  (b) 180°

Explanation:

Sum of interior angles of a polygon with n-sides: (n-2)\times180^{\circ}

In hexagon, total sides: n =6

Given: The interior angles of a hexagon are in the ratio 3:3:4:5:6:7.

Let the angles be 3x , 3x, 4x, 5x, 6x, 7x

Then,

3x+3x+4x+5x+6x+7x=(6-2)\times180^{\circ}\\\\\Rightarrow\ 28x=4\times 180\\\\\\\Rightarrow\ x=\dfrac{4\times180}{28}\\\\\Rightarrow\ x=25\dfrac{5}{7}^{\circ}

Smallest angle= 3x = 3\times \dfrac{180}{7}=77\dfrac17^{\circ}

Largest angle = 7x =7\times\dfrac{180}{7}=180^{\circ}

4 0
3 years ago
Individual producers or nations choose the type, quality and quantity of what they produce based on market demand
kari74 [83]

Answer: True

Explanation:

Market demand is the best reference point for producers/sellers to know the quality and amount of a product to produce. If a certain quality of product is in demand, the sellers would need to supply more amount of that particular product quality to the market.

8 0
4 years ago
You're prepared to make monthly payments of $310, beginning at the end of this month, into an account that pays 4 percent intere
umka2103 [35]

Answer:

59 Payments

Explanation:

Future value = $20,175

Monthly payment= $310

Interest rate= 4%/12 = 0.3333% per month

How many payments will you have made when your account balance reaches $20,175?

Now we use Ms Excel to calculate the number of payment

Number of payment = N(FV, -PMT, I/Y)

Number of payment = N(20,175 , -310 , 0.3333%)

Number of payment = 58.9989

Number of payment = 59.

8 0
3 years ago
In case you have to complete an application on site, you want to make sure you have your completed Personal Fact Sheet.
andreyandreev [35.5K]
You can use a personal fact sheet when doing an application.
3 0
4 years ago
Read 2 more answers
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2
Whitepunk [10]

Answer:

Predetermined manufacturing overhead rate= $1.2 per direct labor dollar

Explanation:

Giving the following information:

Company estimates total manufacturing overhead costs of $882,000 and, direct labor costs of $735,000

<u>To calculate the predetermined overhead rate, we need to use the following formula:</u>

<u></u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 882,000/735,000

Predetermined manufacturing overhead rate= $1.2 per direct labor dollar

6 0
3 years ago
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