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3 years ago

which statement best describes how the International Ethics Standards Board for accountants code effects

Business

1 answer:

den301095 [7]3 years ago

8 0

You can find the answer on journalofaccoutancy.com
Please I’m in need of brainiest

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The office of management and budget is one of the most powerful agencies in washington because it __________.

matrenka [14]

<span>This office manages the country's money. The budget is important because all of the government programs are given a certain amount of money in it. It must be followed so we have enough money to do what is needed in this country. Welfare, security and other important programs are in the budget.</span>

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3 years ago

Accounting

kvv77 [185]

Answer:

I cannot see the picture

Explanation:

sorey

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3 years ago

scenario below is safe or unsafe: You choose to store materials by stacking them in tiers, but do not secure them by stacking, r

V125BC [204]

Unsafe because you dont interlock them or sercure them therefore it could fall over hurt you or someone else standing by

3 0

3 years ago

To raise operating funds, North American Courier Corporation sold its building on January 1, 2021, to an insurance company for $

Ganezh [65]

Answer:

North American Courier Corporation

1. Appropriate Entries:

Jan. 1, 2021:

Debit Cash Account $503,000

Credit Building $500,000

Credit Gain on Sale-Leaseback $3,000

To derecognize the asset and recognize the gain on the sale-leaseback.

Dec. 31, 2021:

Debit Lease Rental $89,023

Credit Cash Account $89,023

To account for the lease rental for the year.

Note: This treatment is in accordance with ASC 842 and not IFRS 16, which has withdrawn the concepts of operating and finance (capital) leases. The treatment under IFRS 16 is quite different.

Explanation:

A transaction qualifies for sale and leaseback accounting under ASC 840 when an entity has determined if the transfer of the underlying asset meets the definition of a sale under ASC 606 Revenue from Contracts with Customers. The two key criteria which can be used by an entity to determine this, are as follows:

1. Does a contract exists; and

2. Has control of the asset been transferred?

We believe that the criteria are met. Since this transaction qualifies for sale and leaseback accounting under the old ASC 840, the accounting for the Seller-lessee (North American Courier Corporation) is:

1. Recognize transaction price (determined under ASC 606) when buyer-lessor obtains control, adjusted for any off-market terms

2. Derecognize the carrying amount of the underlying asset

3. Recognize gain or loss in full, subject to any off-market terms

4. Account for the (operating) lease in accordance with ASC 840.

8 0

4 years ago

Suppose a closed economy. Suppose there are a farmer, a baker and the consumers residing in this economy. Flour and bread are th

Darya [45]

Answer:

The total spending on all final goods and services produced is equal to $154,000.

Explanation:

The total spending on all final goods and services produced can be calculated as follows:

Total spending = Amount paid by consumers to farmer for flour + Amount paid by consumers to baker for bread + Government spending on hiring consumers ...................... (1)

Where;

Amount paid by consumers to farmer for flour = $20,000

Amount paid by consumers to baker for bread = $120,000

Government spending on hiring consumers = $14,000

Substituting the values into equation (1), we have:

Total spending = $20,000 + $120,000 + $14,000 = $154,000

Therefore, the total spending on all final goods and services produced is equal to $154,000.

3 0

3 years ago