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olga nikolaevna [1]
3 years ago
14

Indicate whether the following statements about the conceptual framework are true or false. (a) The fundamental qualitative char

acteristics that make accounting information useful are relevance and verifiability. select an option (b) Relevant information only has predictive value, confirmatory value, or both. select an option (c) Information that is a faithful representation is characterized as having predictive or confirmatory value. select an option (d) Comparability pertains only to the reporting of information in a similar manner for different companies. select an option (e) Verifiability is solely an enhancing characteristic for faithful representation. select an option (f) In preparing financial reports, it is assumed that users of the reports have reasonable knowledge of business and economic activities. select an option
Business
1 answer:
Novosadov [1.4K]3 years ago
6 0

Answer:

True or False Statements about the conceptual framework:

(a) False: The fundamental qualitative characteristics that make accounting information useful are relevance and faithful representation, which suggest materiality and completeness respectively.

(b) False: Relevant information must also be material in a financial statement user's decision, in addition to having predictive and confirmatory values.

(c) False:  It is information that is relevant that is characterized as having predictive or confirmatory value, and not information that shows faithful representation.

(d) False: Comparability also refers to comparisons of a firm over time (which is appropriately described as consistency).  This is in addition to the similar reporting of information by different companies.

(e) False: Enhancing characteristics do not relate only to faithful representation but also to relevance.

(f) True.

Explanation:

Faithful representation implies completeness.  Relevance means that the disclosure will attract important consideration and is material to the matter.  Therefore, users of financial reports base their decisions on relevant information and not irrelevant details.

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Answer:

A. ​center-of-gravity method

Explanation:

The mathematical technique that is being described in the question is called the center-of-gravity method. Like mentioned in the question this is an business technique that is used by businesses in order to find the best possible geographic coordinates for a single distribution point. This location is calculated by considering the Market's surrounding it, Volume of goods shipped, and Shipping Costs.

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3 years ago
On February 1, a customer's account balance of $2,700 was deemed to be uncollectible. What entry should be recorded on February
Anvisha [2.4K]

Answer:

On February 1, a customer's account balance of $2,700 was deemed to be uncollectible.

The entry to be recorded on February 1 to record the write-off assuming the company uses the allowance method is:

Debit Allowance for Doubtful Accounts $2,700; credit Accounts Receivable $2,700.

Explanation:

Using the allowance method, every bad debt entry is first reflected in the Allowance for Doubtful Accounts before it is taken to the bad debt expense account.

The entries above reduce the Accounts Receivable account by the amount of the write-off and reduces the Allowance for Doubtful Accounts by the same amount.  Any recovery of written off debt is also treated in the Allowance for Doubtful Accounts and the Accounts Receivable account in revised order.  This method is unlike the direct write-off method.  With the direct write-off method, the Accounts Receivable is credited with the amount of the write-off and the write-off is expensed in the Bad Debts Expense account directly.

5 0
3 years ago
A group of researchers wanted to determine if people will eat more food in a room with red paint and red decorations than in a r
GREYUIT [131]

I guess the correct answer is the color of the decorations in the room

A group of researchers wanted to determine if people will eat more food in a room with red paint and red decorations than in a room that is decorated blue. Half the participants in this study ate in a red room and half ate in a blue room. The researchers then measured how much food was consumed in each of the two rooms. In this study, the independent variable was  the color of the decorations in the room.

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Money Market Mutual Find Balances held by Businesses $100 Money Market Mutual Fund Balances held by Individuals 220 Currency in
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Answer:

A

Explanation:

M2= 60+70+50+220+80= $480

hence option A is correct

MZM = $480-80+100= $500

4 0
3 years ago
Read 2 more answers
Which psychologist might work as a consultant for a large financial services company?
rodikova [14]

Answer:

An industrial organizational psychologist

Explanation:

Industrial-organizational psychologists are using psychological concepts and techniques of study to address business challenges and improving the quality of life. They are studying efficiency and managerial staff in the work environment, and working designs for employees.

They get a look for a firm or institution's cohesion and character.And they are working with executives to help coordinate strategies, perform assessments so practice sessions, and establish a future plan.

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