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3 years ago

What type of accounting is more rules-based?

Business

1 answer:

Stella [2.4K]3 years ago

7 0

GAAP

Explanation:

That would be the Generally Accepted Accounting Principles (GAAP) system which is rules based.

Alternatively:

The International Financial Reporting Standards. (IFRS) on the otherhand would be the one thats principles based.

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Hundreds of clothing stores closed in new york city this year. the supply of clothes, at each price level, will _____. increase

spayn [35]

The correct answer to this question is "decrease to a new equilibrium quantity." Hundreds of clothing stores closed in new york city this year. the supply of clothes, at each price level, will <span>decrease to a new equilibrium quantity. Hope this helps answer your question.</span>

8 0

4 years ago

Read 2 more answers

Who is in Kohlberg's conventional level of moral reasoning? a. Linda, whose moral reasoning is based on the approval of other pe

stepan [7]

Answer:

Option A is the correct answer - Linda, whose moral reasoning is based on the approval of other people

Explanation:

In stage three of Kohlberg's theory of moral development, the individual (such as Linda, mentioned in the question) set out to do the things that are considered “right” because it is good, not only for the family, but also for the school, church or peer group.

This stage, often known as the "good boy/good girl" stage, has morality, often spelt out as acting in conformity to what the social group general requires to be right and moral.

7 0

3 years ago

A commenced his cloth business on 1st April, 2018 with a capital of ₩30,000. On 31st March 2019, his assets were worth ₩50,000 a

marysya [2.9K]

Answer:

Profits = ₩10,000

Closing Capital = ₩40,000

Explanation:

Let's note down the given information at first.

Opening capital = ₩30,000
Worth of assests after 1 year = ₩50,000
Liabilities = ₩10,000

Now,

Profits

= (Worth of assets after 1 year - Liabilities) - Opening capital

= (₩50,000 - ₩10,000) - ₩30,000

= ₩10,000

Next, let's find the closing capital

= Assets - Liabilities

Assets ₩50,000

Liabilities ₩10,000

$\rule{150pt}{1pt}$

Closing capital ₩40,000

$\rule{150pt}{2pt}$

8 0

2 years ago

On January 1, 2018, Jolley Corp. paid $250,000 for 25% of the voting common stock of Tige Co. On that date, the book value of Ti

shusha [124]

Answer:

Dr. Investments in Associates 250,000

Cr. Cash 500,000

Dr. Cash 10,000

Cr. Investments in Associates 10,000

Dr. Investments in Associates 50,000

Cr. Investment revenue 50,000

Explanation:

The equity method is a type of accounting used to incorporate investments. It is used when the investor holds significant influence over the investee but does not exercise full control over it.

An investor is deemed to have significant influence over an investee if it owns between 20% to 50% of the investee’s shares or voting rights.

- Jolley receives dividends of $10,000, which is 25% of $40,000, and records a reduction in their investment account. The reason for this is that they have received money from their investee.

- Jolley records the net income from Tige Co. as an increase to its Investment account.

4 0

4 years ago

Damon Company receives its monthly bank statement, which reports a balance of $2,000. After comparing this to the company’s cash

spayn [35]

Answer:

The reconciled bank balance for cash is $1,750.

Explanation:

Bank reconciliation statement is prepared to reconcile the bank statement of a company to the balance per cash book (general ledger). The discrepancies between the two books are as a resulting of timing of transactions, outstanding checks, direct credit transfers to bank, among others.

The following is a way of reconciling the balance per bank statement to the cash book:

Damon Company

Bank reconciliation statement

Balance per bank statement $2,000

Add: Outstanding deposit $4,200

Less: Outstanding checks ($4,450)

Balance per cash book $1,750

Therefore, the reconciled bank balance for cash is $1,750.

6 0

4 years ago