Answer:
Option D. Under US GAAP provision refers to a liability whose amount or timing is uncertain.
Explanation:
Option A is correct because both the US GAAP and the IFRS has the same definition of the revenue which is the income from the core operation of the company and trade receivables are the receivables arising due to the core operations of the company which is same in the both cases.
Option B is also correct because the criteria for the recognition of assets that also applies to receivables is same.
Option C is correct because realization principle under GAAP and IFRS is the same which says that the revenue must only be recognized once the consideration agreed has been delivered by the organization.
Option D is incorrect statement because the under US GAAP, provisions are the liability whose amount and timings can be estimated easily.
Option E is correct because the US GAAP specifically focuses on the industry wide differences and encourages implementation of their set rules as they are more reliable than IFRS in such conditions. However IFRS has eliminated these discrepancies now so these are equally reliable as US GAAP.
Answer:
When trying to build an independent business brand where I would be the sole distributor of printing papers in my college.
I will need his support to help me analyze the feasibility of this venture, my target customers, number of students in the college, number of printing papers used on a daily average, the existing competition, what I have to do to become a part of that competition, if this venture would affect my studies, if I can combine both schooling and being an entrepreneur, and if I have legal rights to carry out such business on campus?
I would write out a formal breakdown of my dreams and business aspirations and reiterate how much I admire his guidance and would love him to help me through this phase as I realize it would be overwhelming. I would assure him of sticking to the main reason why I am in school and how this would not get in the way of I getting good grades from school.
<span>A household's scarce resources are likely divided by needs first, and then by wants. So, bills and food would be at the top of the list, and things that are wanted but not needed would be at the bottom.</span>
Answer: Physical safeguard & security, Accuracy, Segregation of duties, Handling errors
Explanation:
Internal control could be defined as the process of handling an organization accounting and auditing process with it's specified objectives in compliance with laws, regulations and policies.
Here are the four purpose of internal control;
a) Physical safeguard & security; this is to ensure that physical assets and information have a controlled asses, and it's not easily assessible by anyone.
b) Accuracy: this is to ensure that all transactions are accurate when records are checked with the source of information where the transaction took place and the time it occurred.
c) Segregation of duties; this ensures that one individual cannot have access to the recording of information and processing of transaction.
d) Handling errors; this ensures that errors are checked at any stage with transaction occurred with corrections also made