Answer:
The correct answer is letter "D": Prevents overstatement of the value of obsolete or damaged inventories.
Explanation:
The lower-of-cost-or-market method values assets according to the lowest value possible choosing between the market value or the asset's historical cost. This accounting principle is useful to avoid exaggerating the value of obsolete or damaged assets the firm might have in stock.
A. Horizontal :) remember to hit that thanks button please:)
Answer:
The purpose of this is to increase economic stability.
Checkable deposits are classified as money because , They can be readily used in purchasing goods and paying debts.Choice( A)
Explanation:
Any demand deposit account against which, one can write a check or a draft is called checkable deposit. It is mainly used when a person has to withdraw money, at a short notice and he can do so, without giving any prior notice to the bank.
These deposits help in immediate access to cash. As these deposits are available easily , they are considered to be assets. .
Its an asset for the person who withdraws, as he can withdraw anytime without notice. It is a liability to the bank as the bank has to pay it, whenever the customer asks for it.
As these checkable deposits are easily available, they can be readily used in purchasing goods and paying debts.
Answer: His cost deduction would be $3,200
Explanation:
Without the mid-quarter convention Muhammad’s 2019 MACRS deduction would be $3,200 ($16,000 x .20). The mid-quarter convention slows down the taxpayers available cost recovery deduction.