Business, 30.05.2020 16:59 Tyrant4life

Identify the accounting concept that describes each situation below. Do not use any concept more than once. a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) choose the accounting concept b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept c. Ensures that all relevant financial information is reported. choose the accounting concept d. Assumes that the dollar is the "measuring stick" used to report on financial performance. choose the accounting concept e. Requires that accounting standards be followed for all items of significant size. choose the accounting concept f. Separates financial information into time periods for reporting purposes. choose the accounting concept g. Requires recognition of expenses in the same period as related revenues. choose the accounting concept h. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. choose the accounting concept

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 04:00

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

Answers: 2

Answer

Business, 22.06.2019 12:50

There is a small, family-owned store that sells food and household goods in a small town. the owners have good relations with the community, especially with local farmers who supply much of the food. the farmers aren't organized into a cooperative or union, and the store deals with each individually. suppose the store wanted to buy some farms to control the supply of certain vegetables. how would you classify this strategic move? select one: a. horizontal integration b. forward integration c. backward integration d. concentric integration

Answers: 2

Answer

Business, 22.06.2019 17:00

Jillian wants to plan her finances because she wants to create and maintain her tax and credit history. she also wants to chart out all of her financial transactions for the past federal fiscal year. what duration should jillian consider to calculate her finances? from (march or january )to (december or april)?

Answers: 1

Answer

Business, 22.06.2019 21:20

What business practice contributed most to andrew carnegie’s ability to form a monopoly?

Answers: 1

Answer

You know the right answer?

Identify the accounting concept that describes each situation below. Do not use any concept more tha...

Questions