Changes in accounting principle are generally accounted for:
A. retrospectively.
B. prospectively.
C. currently.
D. consistently.
Answers
Accounting principle changes are changes in the way an entity accounts for its transactions. The primary method of accounting for accounting principle changes is the retrospective approach.
Under the retrospective approach, the entity adjusts its financial statements for prior periods to reflect the new accounting principle. This means that the entity will go back and adjust its financial statements from the period of the change up to the present.
This is done to ensure that the financial statements are presented to fairly reflect the underlying economics of the entity.
The prospective approach is an alternate method of accounting for accounting principle changes. Under this approach, the entity does not adjust the prior period financial statements.
Instead, the entity only reflects the new accounting principle in the current period. The prospective approach is used when the retrospective approach is either not feasible or not cost-effective.
The current approach is a third method of accounting for accounting principle changes. Under this approach, the entity adjusts the current period financial statements to reflect the new accounting principle as well as the prior period financial statements.
This approach is used when the change in accounting principle affects the current period as well as prior periods.
In all cases, the entity must consistently apply the new accounting principle to ensure that its financial statements reflect the underlying economics of the entity. Additionally,
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Related Questions
Imagine that you have no money and you have to leave home and live by yourself. Make a list of the ten most important things that you would take with you and explain why.
Answers
Answer:
food clothes water
Explanation:
their the basic needs of an individual
Which of the following best defines goal?
a. aim or purpose
b. disregard or disrespect
c. freedom from doubt
d. influence
Answers
Because a goal is a target that your trying to accomplish
Please help. Atleast the top 2
Answers
Answer:
Number 1 is Pure Market. Number two is socialist, I'm pretty sure.
Explanation:
Please mark me brainliest if someone else answers :>
Compare capitalism,socialism, and communism as to (a) how each allocated scarce resources among alternative wants and (b) the existence of private property.
Answers
Answer:
In a purely capitalistic economy, resources are allocated based on the interests of both suppliers and consumers. The allocation of resources should be more efficient since the ultimate goal of businesses is to make a profit by satisfying consumers' preferences. Private property is one of the fundamental pillars of capitalism.
In a socialist economy, an elected government is responsible for allocating resources that should best satisfy the needs of the people that they rule over. Socialistic theories are supposed to be a superior state of capitalism, where everybody should share and enjoy resources but based on their individual contributions. I.e. if you work harder, you should be able to enjoy more resources. Socialist theories recognize individual private property but productive capacity is a common good. E.g. the world in Start Trek is a socialist world.
Communism shares several similarities with socialism, but it differs in some of its basic principles. Communism does not recognize elected governments, e.g. China, North Korea, etc., or have pseudo democracies like the former Soviet Union (currently Russia) and Cuba. Resources are shared by everyone but based on individual needs, not individual contributions. E.g. a person that doesn't work at all could need more things than others that work, and therefore, should receive more resources. Everything is owned and distributed by the government, so theoretically private property doesn't exist. Communism abolishes religion and social classes, while socialism allows religion and still recognizes different social classes.
In real life, there is no purely capitalistic or purely socialist country in the world. Some developed economies lean towards socialism (most European nations and Canada) while others lean more towards capitalism (the US). Communism used to exist in the world, e.g. former Soviet Union, China, Cuba, etc., but even those countries currently recognize private property, although the governments still play a significant role in the economy and resource allocation. But they cannot be considered democracies either.
Compared to a short-term investment, what is the general return of a long-term investment? A) A long-term investment has a similar return to a short-term investment.
B) A long-term investment has a greater return because it has greater risk.
C) A long-term investment has a greater return because it has lower risk.
D) A long-term investment has a lower return because it has lower risk.
Answers
Let understand that "short-term investment" are investments that can be easily converted to cash and has a maturity period of less than a year. Example of this investment are Money Market.
"Long term investment" are investment that runs over a long period of time and yield higher return than the short-term investment". Example of these investment are stocks, bonds, real estate
People invest in "Long term investment" because its offers more risk for higher rewards.
In conclusion, long-term investment has a greater return because it has greater risk.
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Answer:
Compared to short-term investment, what is the general return of long-term investment?
Long-term investment has a similar return to short-term investment.Long-term investment has a greater return because it has greater risk.Long-term investment has a greater return because it has lower risk. <<<CORRECTLong-term investment has a lower return because it has lower risk.Explanation:
Edge 2022
Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of ________.
Answers
Wallace has decided that he wants to move on from his entrepreneurial business and take his financial profits from his hard work. This is an example of Social entrepreneur.
What is Social entrepreneur?
An entrepreneur that creates social initiatives, such as charities, for-profit companies with social missions, and other non-governmental organizations, strives to build up social capital is known as a social entrepreneur.
The process by which individuals, businesses, and entrepreneurs create and finance solutions that directly address social challenges is known as social entrepreneurship. Therefore, a social entrepreneur is someone who looks into business prospects that benefit their neighborhood, society, or the entire planet.
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Downward pressure on wages
Answers
Answer:
Answer below
Explanation:
When there is "pressure" on wages it is referring to the fact that there are more workers than there are available jobs this causes a pressure for the employers as they decide which workers get those jobs and receive those wages and who doesnt.
(hope this answers your question :) )
Daisy is a senior in college and has a part-time job at a coffee shop. She recently got her first credit
card and can spend up to $4,000. She sees that the expensive 4K TV she has wanted for the past
year is on sale for the next week for $3,500. What is the BEST course of action for Daisy?
O Use her new credit card.
O Use the money in her savings account.
O Get a cash advance from her bank.
O Wait until she has a full-time job.
Answers
Answer:
use her new credit card
the city of columbus should not consider the purchase price of its old vehicle when making the decision to replace it with a more cost effective new vehicle. the city of columbus should not consider the purchase price of its old vehicle when making the decision to replace it with a more cost effective new vehicle. true false
Answers
The given statement False. When making the decision to replace an old vehicle with a new, more cost-effective one, the city of Columbus should consider the purchase price of the old vehicle. While it may not be the sole determining factor, the purchase price of the old vehicle is an important consideration.
Considering the purchase price allows the city to assess the initial investment made on the old vehicle. If the old vehicle was purchased at a high price, replacing it with a more cost-effective vehicle may help in reducing long-term costs. On the other hand, if the old vehicle was purchased at a relatively low price and still has significant life left, it may be more financially responsible to continue using it rather than investing in a new vehicle.
Furthermore, considering the purchase price of the old vehicle helps in determining the overall cost-effectiveness of replacing it. If the old vehicle has already served its purpose for a significant period and has depreciated in value, it may make financial sense to replace it with a new vehicle that offers better fuel efficiency, lower maintenance costs, and improved performance.
In conclusion, the purchase price of the old vehicle is an essential factor that should be taken into account when deciding to replace it with a more cost-effective new vehicle. However, it should not be the only factor considered, as other aspects like long-term costs, performance, and potential savings should also be evaluated.
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Suppose the production of a good results in negative externalities. If all costs are taken into account, then
a.output will be at a lower level than if all costs are not taken into account.
b.output will be at a lower level than the socially optimal level.
c.the marginal private cost curve will lie above and to the left of the marginal social cost curve.
d.a and b
Answers
If all costs are taken into account, then the output will be at a lower level than if all costs are not taken into account, and output will be at a lower level than the socially optimal level. Hence options (a) and (b) is the correct answer.
1. When a good has negative externalities, it means that its production causes harm to third parties, like pollution or noise. These harms are not accounted for in the market price of the good.2. The marginal private cost curve represents the cost of producing one more unit of the good for the producer, not considering externalities.
3. The marginal social cost curve, on the other hand, takes into account both private costs and the costs of the negative externalities.
4. If all costs (including externalities) are taken into account, producers will produce less of the good because it becomes more expensive to produce. This results in a lower output level compared to a situation where externalities are not considered (option a).
5. When externalities are not considered, producers will produce more of the good than what is socially optimal, as they do not bear the costs of the negative externalities. Therefore, when all costs are taken into account, the output level will be lower than the socially optimal level (option b).
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Earning and Spending Unit Test
What is typically included in COGS? (1 point)
O raw materials
O storage costs for the inventory
O wages associated with creating the item
O All of the answers are correct.
Answers
Answer:
all the answers are correct
Explanation:
The cost of goods sold include raw materials, storage cost for inventory, and wages. The correct option is D.
COGS include raw materials, inventory storage costs, and wages associated with creating the item. D is the correct answer.
What is covered by a service provider's COGS?It encompasses any expense directly related to creating a good or providing a service. These expenses can cover labour, supplies, and shipping. The goal of COGS is to quantify all variable expenses that are directly related to producing a good or providing a service.All direct expenses incurred to produce the goods a business sells are included in COGS. The majority of these expenses are the product's variable manufacturing costs, such materials and labour, although others may be fixed expenses, like factory overhead.Costs of Goods Sold (COGS) are the expenses incurred over a specific time period to produce your goods. COGS is calculated as starting inventory less purchases minus ending inventory.To Learn more About COGS, Refer:
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derek currently has $11,121.00 in an account that pays 5.00%. he will withdraw $5,314.00 every other year beginning next year until he has taken 4.00 withdrawals. he will deposit $11121.0 every other year beginning two years from today until he has made 4.0 deposits. how much will be in the account 29.00 years from today?
Answers
The question has the following details:
The current balance of Person D is $11762.
6% interest rate.
Money withdrew in Years 1, 3, 5, 7, 9, 11, and 13 equaled $5457 per year.
Money Deposited Years 2, 4, 6, 8, 10, 12, and 14 = $11762 each year
Description of step 1
Step 1: Determine the present amount and cash deposits' projected worth in the year 28.
Step 2: Calculate the withdrawal amount's future value in the year 28.
Step 3: To get the account balance in year 28, subtract the future value of the withdrawn sum from the future value of the present balance plus cash deposits.
In the account 29.00 years from today is $11762.
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short notes on audit and auditor
Answers
Answer:
Audit
Audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions.
Auditor
An auditor is a person authorized to review and verify the accuracy of financial records and ensure that companies comply with tax laws.
(a) A family consist of a baby, a child attending nursery school and working parents, decide to prepare a budget for 3 months has a limited income and decides to purchase a food processor instead of a television set.
Suggest TWO possible reason for this decision.
Answers
Answer:
bhosdi ke kute gal chode
hey you are loved.
Take of yourself.
please vote me for Brainliest if ok :)
true or false: income tax expense may be disclosed either on the income statement or in the notes to the financial statements. true false question. true false
Answers
It is true that income tax expense may be disclosed either on the income statement or in the notes to the financial statements.
What is income statement?An income statement can be described as the financial statement that is been used by the company to show the revenues as well as the expenses that has been acquired over some period of time.
Therefore, the statement above is correct because the income tax expense can be show on other line in the income statement, however the income statement should be able to disclose all that is required such as the expenses that will be needed in the company record.
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This institution has historically served as the principal vehicle through which the money supply of the United States is expanded or contracted. This practice continues today.
Answers
Answer:
Commercial Bank
Explanation:
Commercial banks are the institutions that deal with the finances. They provide loans, and accepts deposits as savings. These financial institutions are a means of financial assistance to the public. Financial services and assistance helps in the growth and establishment of the economy. The process of commercial banking is intended towards growth and the earning of profit altogether.
Why is HR planning integral to a firm's strategic planning? As
an HR professional, what do you think you could do to tie the two
functions together?
Answers
HR planning is integral to a firm's strategic planning as it helps organizations determine the current and future human resource needs of the organization to achieve its goals and objectives.
Through HR planning, firms can identify skills and competencies required, align workforce needs with business goals, forecast labor shortages or surpluses, and develop recruitment and training strategies to meet the company's future needs.
As an HR professional, one could tie the two functions together by ensuring that HR plans are aligned with the firm's strategic goals and objectives, identifying the workforce skills, knowledge, and capabilities that are required to achieve these goals.
This will help in forecasting labor needs, developing recruitment strategies, and building employee capability programs to fill skill gaps. Additionally, an HR professional can provide input on the workforce implications of the firm's strategic plans and recommend human resource strategies to support the company's goals.
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organizations and functions that mine, make, assemble, or deliver materials and products from manufacturer to consumer are referred to as .
Answers
Organizations and functions that mine, make, assemble, or deliver materials and products from manufacturer to consumer are referred to as the supply chain. This chain includes all the processes and activities that go into bringing a product or service from conception to the end consumer.
The supply chain starts with the raw materials, which are mined or sourced from various locations around the world. These materials are then transported to manufacturing facilities, where they are transformed into finished products. The finished products are then transported to distribution centers, where they are stored and then delivered to retailers or directly to consumers.
The supply chain involves many different types of organizations, including manufacturers, wholesalers, distributors, retailers, and transportation companies. Each of these organizations plays a vital role in ensuring that products are delivered to the end consumer in a timely and efficient manner.
The supply chain is a complex network that involves a range of different functions, including sourcing, procurement, production, logistics, and distribution. Each of these functions is critical to the success of the supply chain, and organizations must work together to ensure that each function is performing at its best.
Overall, the supply chain is a crucial component of any organization that produces or delivers products to consumers. By effectively managing the supply chain, organizations can ensure that they are able to deliver high-quality products to consumers in a timely and cost-effective manner.
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When an economy incurs larger and larger incremental losses as it moves production away from one good and toward another can best be described as:________
Answers
When an economy incurs larger and larger incremental losses as it moves production away from one good and toward another can best be described as competition policy. Economic profit is calculated by deducting opportunity costs and explicit costs from revenues earned. Opportunity costs are a form of implicit cost that management determines and will vary depending on different events and viewpoints.
The consequence of eliminating both explicit and opportunity expenses from income is economic profit. Opportunity costs are the profits that a company foregoes when deciding between two options. In contrast, economy profit is not recorded on a company's financial accounts and is not needed to be disclosed to regulators, investors, or financial institutions.
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Opportunity Cost
in order to
v something else.
Opportunity cost is what must be
Opportunity cost forces consume
lucers to make
received
given up
replaced
Answers
What is the basis of effective communication? group of answer choices the interpretation of meaning transmitting a message from sender to receiver support of basic management functions consistency of meaning nonverbal feedback
Answers
Answer:
The basis of effective communication is the transmission of a message from the sender to the receiver in a way that ensures a shared understanding of its meaning.
Explanation:
Effective communication requires that the message is transmitted clearly, accurately, and concisely, and that the receiver interprets it as the sender intended. The support of basic management functions, consistency of meaning, and nonverbal feedback can all contribute to effective communication, but they are not the basis of it. Ultimately, effective communication is built on a shared understanding of the message being conveyed, and it is the responsibility of both the sender and the receiver to ensure that this understanding is achieved.
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1. Use a formula to calculate the percentage of expenses for the 2013 summer budget that was spent on rent for the event. Write the formula you used and the percentage you calculated, to two decimal places, in the cell below. Hint: Use order of operations principles for the formula. (5 points)
2. A closer estimate of the total cost can be made by including the estimated sales tax. Use a formula to calculate the estimated cost for July 2014 using 7% sales tax. Then, write the formula you used and the estimated cost in the cell below. Hint: Convert 7% into a decimal for the formula. (5 points)
3. Current data can be used to predict future costs. Based on the budget for the last three summers, predict the amount of money that will be sponsored for each event in 2015. Write your prediction in the cell below, and explain how you arrived at your conclusion. Be sure to use currency formatting for the monetary amount. (5 points)
4. Based on the budget for the last three summers, predict the website hosting fee for August 2015. Write your prediction in cell A21, and explain how you arrived at your conclusion in cell A22. Be sure to use currency formatting for the monetary amount in cell A21. (5 points)
Answers
The formula that can be used to calculate the percentage of expenses from the budget will be (the amount spent on event × 100) / total expenses.
How to compute the formula?From the information given, the formula that can be used to calculate the percentage of expenses will be:
= (the amount spent on event × 100) / total expenses. The month of June will be:
= (195 × 100)/297
= 65.66%
The estimated cost for July 2014 using 7% sales tax will be:
= 360 + (7% × 360)
= $385.20
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The EpiPen is a life-saving device that is used by people with severe allergies. The U.S. manufacturer of the EpiPen raised its price by nearly 25% per year for nearly a decade. For each price increase of 25%, would quantity demanded change by more or less than 25%? The price of hand sanitizer is higher because of the coronavirus scare. What would this do to the demand curve for liquid soap (a substitute for hand sanitizer)? Increase the demand Decrease the demand Has no effect on demand
Answers
The volume demand would alternate by way of less than 25%, as the EpiPen is an vital proper to men and women with extreme allergies.
What Is the Demand Curve?The demand curve is a graphical illustration of the relationship between the charge of a true or provider and the volume demanded for a given period of time. In a ordinary representation, the fee will show up on the left vertical axis, the extent demanded on the horizontal axis.
Demand curve has two types person demand curve and market demand curve. It shows a graphical illustration of demand schedule. It can be created by way of plotting charge and quantity demanded on a graph. In demand curve, the rate is represented on Y-axis, while the extent demanded is represented on X-axis on graph.
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https://brainly.com/question/1139186#SPJ4a promissory note received from a customer in exchange for an account receivable is recorded by the payee as: multiple choice a. a cash equivalent. b. an account receivable. c. a note receivable. d. a short-term investment. e. a note payable.
Answers
When a promissory note is received from a customer in exchange for an account receivable, it is recorded by the payee as a note receivable. The correct option is c.
What is a promissory note?A promissory note is a written promise to repay a debt that specifies the amount of money borrowed, the date of the loan, the interest rate, and the terms of repayment. A promissory note is a legally binding document that serves as proof of a borrower's debt and their commitment to repay it.
It can be used as evidence in a court of law if the borrower fails to repay the loan.In accounting, when a company receives a promissory note from a customer in exchange for an account receivable, it records the transaction as a note receivable.
A note receivable is a short-term obligation that a borrower owes to a lender and that must be repaid with interest on a specified date.
However, a cash equivalent is a highly liquid investment that is easily converted into cash, such as a money market fund, while an account receivable is a short-term asset that a company owes from a customer for goods or services provided to them.
In addition, a note payable is an obligation a company owes to a lender and must be repaid on a specific date, while a short-term investment is an investment that can be converted into cash within one year or less.
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objective use to
achieve money
allocation to achieve
la desired outcome
Answers
The allocation to achieve the desired outcome can be from investing and working.
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in about 100 words explain who owns, controls and is responsible for any debt, in a sloe proprietorship and in a partnership.
Answers
Legally, sole proprietors bear unlimited responsibility for all business debts. Their assets, both personal and business, are at risk.
Who is the sole proprietor of a business?A sole proprietor is a person who owns an unincorporated business on their own. However, if you treat a domestic limited liability company (LLC) as a corporation, you will not be treated as a sole proprietor even if you are the LLC's sole member.
The term "limitless obligation" refers to the full legal liability that business partners and entrepreneurs anticipate for all business obligations. This chance isn't covered, and responsibilities can be paid through the seizure and proposition of owners' own special assets, which isn't equivalent to the renowned confined liability business structure.
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After analyzing your menu, you find that food sales are $1,200 and beverage sales are $800. Your average gross margin for food and beverage is 67%. Which is more profitable, food or beverage
Answers
Answer:
Food is more profitable
Explanation:
The formula for calculating the gross margin ratio is as below.
Gross margin ratio= gross profit/ net sales.
Therefore, gross profit= net sales x gross profit ratio
in this case:
The gross profit ratio is 67%
gross profits from food sales
=1200 x (67/100)
=$804
Gross profit from beverages
=$800 x ( 67 /100)
=$536
Gross profit from food sales is higher than that of beverages
Food is more profitable
Answer:
C. Cant tell from the data
Explanation:
Which i not one of the element and proce of buine policy (a) general tatement of principle (b) rebranding (c) Achievement of objective (d) long-term perpective
Answers
Rebranding is not a part of buying policy
The requisition procedure is governed by a set of regulations called a buying policy. By establishing a policy framework that is compatible with the organization's strategic purchasing requirements, purchasing policies assist procurement administrators in putting their procurement strategy into practice. Rebranding is the process of changing the visual appearance and/or branding of a product or company. This is not typically a part of a buying policy.
A buying policy takes into account the general statement of principle is a statement outlining the guidelines that will govern the organization's purchasing activities. A buying policy should also outline the objectives of organization's purchasing activities, like cost savings, quality improvements, or development of strategic relationships with suppliers. Further, a buying policy should consider the long-term impact of purchasing decisions on the organization. This could include factors such as sustainability, risk management, and supplier relationships.
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in country a, it takes 10 resources to produce 1 ton of tea and 13.5 resources to produce 1 ton of rice. in country z, it takes 40 resources to produce 1 ton of tea and 12 resources to produce 1 ton of rice. country a has a comparative advantage over country z in:____.
Answers
Country A has a comparative advantage in producing tea, as it takes fewer resources (10 resources) to produce 1 ton of tea compared to country Z (40 resources).
Write about comparative advantage over country z ?
Comparative advantage refers to a country's ability to produce a particular good more efficiently and at a lower cost compared to another country. It takes fewer resources for country A to produce a ton of tea (10 resources) compared to country Z (40 resources), which makes country A more efficient and cost-effective in producing tea.This means that country A has a comparative advantage in producing tea over country Z, and it makes sense for them to specialize in producing tea, trade with other countries, and import rice. The concept of comparative advantage is important in international trade as it allows countries to specialize in producing goods in which they have a comparative advantage and trade with other countries for goods they have a comparative disadvantage in producing.To learn more about comparative advantage refers to:
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the executives want to know the evolutions of the categres of adopters. what process does amanda need to report on
Answers
Amanda needs to report on the process of the evolution of the categories of adopters. The executives want to know how the product is adopted by different categories of people.
The process of the evolution of the categories of adopters has been an essential factor in making the product successful.It will help them understand the market demand for the product and how they can improve it to attract more customers.Amanda needs to report on the process of the evolution of the categories of adopters. She needs to explain how the product was introduced to the market and how it attracted the attention of the different categories of adopters.She should mention the different categories of adopters and how they adopt the product. She should also explain how the product spreads from one category to another. Amanda should provide data and graphs to support her report.She should also provide suggestions on how the product can be improved to attract more adopters. Amanda should make sure that her report is concise and precise. She should also make it easy for the executives to understand the process of the evolution of the categories of adopters.Learn more about adopters here: https://brainly.com/question/13839517
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