Answer:
A. True
Explanation:
This two principles i.e matching principle and the revenue recognition principle are interrelated to each other
The matching principle is that the principle in which the expenses of a particular period and the revenues incurred of a particular year should be matched.
Whereas the revenue recognition principle stated that whenever the revenue is earned it should be recorded whether cash is received or not
So for recording the adjusting entries, these two principles are required
Answer:
False
Explanation:
The need for affiliation refers to the need people have to feel that they are part of a social group. People that have a high need for affiliation requires close relationships and needs to be approved by the people that are close to them. Also, they want to feel that they are part of something that has an important impact. According to this, the statement that says that the need for affiliation is the need to excel is false.
Answer:
$241,500
Explanation:
Calculation for What amount should Sunland report as its December 31 inventory
December 31 inventory per physical count $190,500
Add Goods-in-transit purchased FOB shipping point $29,000
Add Goods-in-transit sold FOB destination $22,000
December 31 Inventory $241,500
($190,500 + $29,000 + $22,000 = $241,500)
Therefore What amount should Sunland report as its December 31 inventory is $241,500
