The qualitative, characteristics, objectives, and measurement ideas elements make up the FASB conceptual framework.
How does the FASB operate?The FASB establishes and publishes financial accounting and reporting standards through an open and welcoming process to promote financial reporting that provides investors and other consumers of financial reports with pertinent information. The Financial Reporting Boards (FASB), a private organization, is in charge of developing the accounting guidelines that American companies must follow when publishing financial reports.
Where does FASB work?The Financial Reporting Standards Board (FASB), a national institution in the US, creates accounting laws for both government and private firms as well as charitable organizations. A sibling organization, the Governments Board of Financial Statements (GASB), sets standards for municipal and state governments. The rules the FASB establishes are known as Generally Accepted Accounting Standards (GAAP).
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on aug. 30, a newly-formed company pays $600 for a 6-month insurance policy with coverage beginning on sept. 1. which of the following statements is correct? a. the company has acquired a prepaid insurance asset. b. the company's total assets have decreased. c. the company has insurance expense for the month ended august 31. d. the company's total assets have increased.
until a business has engaged in a certain type of insurance, or until an official of the insurer. (c) A written statement is referred to as a "certificate of readability."
How do you use certain?
When you are confident in something, you have no doubts about it and strongly believe it to be true. You do not have firm knowledge of anything if you are unsure of it. She is adamant that she will succeed in the world. Whether or not the appendix had already burst is uncertain. Make sure that everyone is following the directions, please. The cops appear to be confident that they will catch the attackers. [+ word for question] How much it will cost is unknown. He was fairly convinced who his assailant was.
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5. question 5 in what three ways does a small closing process at the end of each milestone differ from a formal, more comprehensive closing phase at the end of the project?
The final action before a team disbands is a formal closure at the conclusion of a project. An impact reporting meeting is a part of the project's formal closure.
Stakeholders offer comments on any future modifications that need to be made once a milestone is closed during the project. An endeavour to produce or alter a particular good or service is referred to as a project. Projects are transitory work initiatives having a defined start and finish. Projects may involve other businesses and providers or may be contained entirely inside a single division or unit. A project is described as a series of activities that must be finished in order to achieve a certain result. The Project Management Institute (PMI) defines a project as "any temporary undertaking having a clear beginning and finish."
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exercise 2-7 (algo) analyzing account entries and balances lo a1 use the information in each of the following separate cases to calculate the unknown amount. corentine company had $158,000 of accounts payable on september 30 and $135,500 on october 31. total purchases on credit during october were $287,000. determine how much cash was paid on accounts payable during october. on september 30, valerian company had a $105,500 balance in accounts receivable. during october, the company collected $105,890 from its credit customers. the october 31 balance in accounts receivable was $95,000. determine the amount of sales on credit that occurred in october. during october, alameda company had $108,500 of cash receipts and $109,150 of cash disbursements. the october 31 cash balance was $21,600. determine how much cash the company had at the close of business on september 30.
1. Cash paid on accounts payable during October =-$22,500., 2. Sales on credit in October = $106,390. 3. Cash at the close of business on September 30 = $20,950.
How much cash the company had at the close of business?
This question uses the theory of double-entry accounting, which states that for every transaction there must be a corresponding debit and credit entry.In this question, the debit entries are the accounts payable, receivable, and cash balances, while the credit entries are the purchases on credit and the cash receipts and disbursements.
By subtracting the debit entries from the credit entries, we can determine the unknown amounts.
The steps for this process are as follows:
1. To calculate the cash paid on accounts payable during October, we need to subtract the October 31 accounts payable balance from the September 30 accounts payable balance.We start by taking the September 30 accounts payable balance of $158,000 and subtract the October 31 accounts payable balance of $135,500.
The result is -$22,500, which means that the company paid $22,500 in cash on accounts payable during October.
2. To calculate the sales on credit in October, we need to add the September 30 accounts receivable balance, the October collections, and subtract the October 31 accounts receivable balance.We start by taking the September 30 accounts receivable balance of $105,500 and add the October collections of $105,890.
This gives us a total of $211,390. We then subtract the October 31 accounts receivable balance of $95,000,which gives us a total of $106,390, which is the amount of sales on credit that occurred in October.
3. To calculate the cash at the close of business on September 30, we need to add the October cash receipts, subtract the October cash disbursements, and add the October 31 cash balance.We start by taking the October cash receipts of $108,500 and subtract the October cash disbursements of $109,150.
This gives us a total of -$650. We then add the October 31 cash balance of $21,600 to get a total of $20,950,which is the amount of cash the company had at the close of business on September 30.
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a global social media platform’s employees were tricked into thinking a hacker was a coworker and gave him access to all accounts. the criminals used the theme of partnering with a made-up covid-19 non-profit to scam people out of $117,000 in about three hours.
The incident has caused some to wonder how much access staff members and, in turn, the hackers, have to user accounts.
When a hacker connives with a person is IT called?Hacker connives with a person is IT ,The most frequent sort of social engineering assault, phishing uses fake email addresses and links to persuade victims to divulge their login information, credit card information, or other sensitive information.password theft Passwords continue to be the most popular authentication technique for computer-based services despite its numerous acknowledged flaws, making it simple to circumvent security measures and access vital data and systems by gaining a target's password.The incident has caused some to wonder how much access staff members and, in turn, the hackers, have to user accounts.To learn more about hacker refer to:
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ida's ice-cream stand has increasing profits each week during the hot summer months. ida finds that each week of summer her profits increase by 15% over the previous week. in her first week of business, her profits were $600. how much money will ida make in all over 5 weeks? enter your answer in the box rounded to the nearest cent.
Ida's total profits over five weeks, we can use the formula for geometric series, Ida will make $2666.67 in all over five weeks.
To calculate Ida's complete profit more than five weeks, we can involve the equation for geometric series:
Sn = a(1 - r^n)/(1 - r)
Where:
Sn = the sum of the series
a = the underlying worth (for this situation, $600)
r = the normal proportion (for this situation, 1.15, since profits increment by 15% every week)
n = the quantity of terms (for this situation, 5, since there are five weeks)
Connecting the given qualities:
Sn = 600(1 - 1.15^5)/(1 - 1.15)
Sn = 600(1 - 1.15^5)/ - 0.15
Sn = 600(1 - 1.15^5)/ - 0.15
Sn = $2666.67
geometric series, in math, a boundless series of the structure a + ar + ar2 + ar3+⋯, where r is known as the normal proportion. A straightforward model is the mathematical series for a = 1 and r = 1/2, or 1 + 1/2 + 1/4 + 1/8 +⋯, which meets to an amount of 2 (or 1 in the event that the initial term is prohibited).
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which stakeholder group(s) benefit(s) the most from shake shack's commitment to high wages and salaries?
Employees, customers, and the proprietors are all present. While increased pay and salaries help employees directly, owners profit from reduced turnover rates and more motivated personnel, while consumers benefit from a greater level of customer care and attention to detail.
Who are the top three stakeholders?A typical corporation’s key stakeholders are its investors, workers, customers, and suppliers. However, as corporate social responsibility has gained prominence, the notion has been expanded to encompass communities, governments, and trade groups.
Because they are immediately affected by the project’s outcome, primary stakeholders (also known as key stakeholders) have the most stake in its success. They actively participate in a project. Feb 8, 2021. Internal stakeholders and external stakeholders are the two categories of stakeholders. It is critical to analyze how an organization’s decisions affect stakeholders since they frequently have the capacity to shift the priorities of how a business operates.
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an essential element of communicating with marketing employees is _______.
Training is a crucial component of interacting with marketing personnel.
What exactly does marketing strategy entail?The marketing plan is a long goal for attaining a business' objectives through an understanding of client needs and the development of a distinct and long lasting competitive advantage .It covers everything, including deciding which channels to use to reach your customers and identifying who they are.
What role does marketing play that is most crucial?The part of marketing that people are most familiar with is promotion. It includes the conventional and digital marketing techniques that the majority of audiences are familiar with. Promotion includes actions intended to interact with consumers, educate them about the brand and its offerings, and persuade them to buy items or services.
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if a company initially recorded prepaid rent as an asset, which is the correct adjusting entry to record the amount of rent that has expired?
To record the amount of rent that has expired, the company would make the following adjusting entry: Debit Rent Expense and Credit Prepaid Rent.
When a company initially records prepaid rent as an asset, it is recognizing that it has paid for rent in advance and that the benefit of that rent will be received in the future. However, as time goes on, some of that prepaid rent will have expired and can no longer be considered an asset.
To correct this, the company will make an adjusting entry at the end of the accounting period to recognize the portion of the prepaid rent that has expired.
The adjusting entry will include a debit to Rent Expense, which increases the expense account and reflects the use of the rent, and a credit to Prepaid Rent, which decreases the asset account and reflects the expired portion of the prepaid rent.
This will ensure that the company's financial statements accurately reflect the rent expense for the current period and the remaining prepaid rent that will be used in future periods.
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geno's body shop had sales revenues and operating costs in 2020 of $650,000 and $525,000, respectively. in 2021, geno plans to expand the services it provides to customers to include detailing services. revenues are expected to increase by $85,000 and operating costs by $50,000 as a result of this expansion. assuming that there are no changes to the existing body shop business, operating profits would be expected to increase during 2021 by:
Since there are no modifications to the current body shop operation, operating earnings should rise by $30,000 in 2021.
What is customers stratification?We have the ability to change our company from being a product-driven to a customer-driven organization through the use of customer stratification. Because of its assistance, we now have a deeper understanding of our clients, which has allowed us to better utilize our sales staff and increase return on investment. Customer Stratification classifies the distributor's customers into four groups: Core, Opportunistic, Marginal, and Service Drain based on each customer's purchasing power, cost to serve, loyalty, and profits. The distributor may thus better meet the needs of its core clients thanks to this. In the stratification technique, supply air is used to replace the air leaving the ventilated (and typically occupied) zone, inhibiting the passage of air between the zones.To learn more about customers stratification refer to:
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which of the five major promotion tools include building up a positive corporate image and handling unfavorable stories
The correct response is A) public relations. Building positive relationships with the company's numerous publics through securing favourable publicity is known as public relations.
For the purpose of influencing the public's perception, public relations (PR) is the activity of organizing and distributing information from a person or an organization to the general public. Publicity is not regulated and is generated by outside sources, whereas public relations (PR) is internally managed. Using news stories and issues of general interest without expecting to be paid directly, public relations might involve a company or individual getting visibility to their target consumers. Mostly media-based, the exposure. It differs from advertising because of this when used as a marketing communication tool. Earned media, often known as public relations, tries to generate or receive free coverage for customers.
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Which of the five major promotion tools includes building up a positive corporate image and handling unfavorable stories and events?
A) public relations
B) sales promotion
C) personal selling
D) advertising
E) direct marketing
aggregating unclassified information together will never make the information classified.
your new document may aggregate or aggregate information that is unclassified or has a degree of classification, but when you present them together, This is called compilation.
What is compilation?Compilation is one of the lowest-level financial reporting services an accountant can provide. An aggregation is essentially presenting information obtained from customers in the form of financial statements. No guarantee is provided by the accountant.
What is compilation report?General report is a report prepared by the accountant assigned by the client to perform the consolidation service and must accompany the prepared financial statements. Unlike an inspection or evaluation report, a summary report consists of a single paragraph, without a paragraph title.
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Steamroller Company sells two products—J and B. Steamroller predicts that it will sell 7400 units of J and 6500 units of B in the next period. The unit contribution margins are $2. 90 and $6. 30 for products J and B, respectively. What is the weighted-average unit contribution margin?
The average amount that a collection of goods or services contributes toward reducing a company's fixed expenses is known as the total average contribution margin. The idea is a crucial component of cost accounting, which projects profit levels for varying sales amounts.
How is composite index unit contribution margin determined?The sales volume by each product line must simply be added together to create the WACM. Add the totals after dividing the per-unit contribution margin for each category by the quantity sold. Subtract the total number of unit sales from the sum of the individual contribution margins.
How is the weighted average contribution determined?A weighting of the share fee quoted for the shares can be calculated by the investor. To do this, multiply the average number of shares purchased by each price, add those numbers, and then divide the amount by the number of pounds purchased.
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An essential element of communicating with marketing employees is _____________.
a. the marketing mix
b. strategy.
c. objectives.
d. the target market.
e. training.
According to the question, training is a critical part of interacting with marketing personnel.
What does an employee do for a livelihood?A individual who works for an institution in exchange for pay or a salary is called an employee. To make the team, employees discuss conditions and formally engage into arrangements with their employers by executing tender documents or employment contracts.
What kind of person is that?What does "Employee Type" mean? Employment category refers to the many categories of workers that an organisation may employ directly or through third parties. There are several types of employees, such as comprehensive, part-time, and temporary workers, there are laws and rules that are applicable with each.
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using tools such as a digital calendar and a spreadsheet to track team tasks is evidence of what project management skill?
Using tools such as a digital calendar and a spreadsheet to track team tasks is evidence of effective organizational project management skills.
To complete certain jobs in an organization, an executive needs to have certain qualities or skills, which are referred to as management skills. Among these is the ability to carry out executive responsibilities in an organization while averting crises and quickly resolving issues as they arise.
Learning and getting real-world management experience are two ways to develop management skills. The ability of the management to communicate with other employees and deal effectively with subordinates enables the smooth flow of business operations inside the organization.
For any organization to prosper and accomplish its goals and objectives, effective management skills are essential. Good managers are able to advance the company's mission, vision, or business objectives with fewer roadblocks and resistance from both internal and external sources.
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suppose you have just finished your third year of college and expect to graduate with a bachelor’s degree in accounting after completing two more semesters of coursework. the salary for entry-level positions with an accounting degree is approximately $48,000 in your area. shelton industries has just offered you a position in its northwest regional office. the position has an annual salary of $40,000 and would not require you to complete your undergraduate degree. if you accept the position, you would have to move to seattle.
Tuition and books for years 1-3 of college - Irrelevant YES
Food and entertainment expense which are expected to be the same in Seattle as where you currently live - Irrelevant YES, Rest Relevant YES
What is Relevant cost?Relevant cost is a managerial accounting term that refers to avoidable costs that occur only when specific business decisions are made. The concept of relevant cost is used to eliminate extraneous data that may complicate decision-making. Relevant cost, for example, is used to determine whether to sell or keep a business unit.
A sunk cost is the inverse of a relevant cost because it has already been incurred regardless of the outcome of the current decision. A big decision for a manager is whether to close a business unit or keep it open, and the decision is based on relevant costs. Assume a retail sporting goods store chain is considering closing a group of stores catering to the outdoor sports market. The relevant costs are those that can be avoided as a result of the closure, as well as the revenue lost when the stores close. If the costs of closure outweigh the revenue lost, the outdoor stores should be closed.
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which invention was the basis for the major developments in american transportation?
The progress of transportation was influenced by the creation of the wheel. Every discovery and invention inspires numerous others. More resources are produced as a result of human inventions and discoveries.
What does resources mean?A supply or support source: a practical way. A natural source of wealth or income, which is most often used in plural. A natural phenomena or trait that improves the quality of human existence; frequently used in plural.
An example of a resource is what?A natural resource is something that comes from the natural world and is used by humans. A few examples of other natural resources are air, sunlight, soil, and water. Natural resources include things like plants, fish, birds, and animals.
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you want to buy a house for $250,000. the bank requires a down payment of 25%. what is the amount of the mortgage loan the bank will provide for you? round to the nearest $ and use the $ symbol.
For $250,000, you wish to purchase a house. A 25% down payment is required by the bank.
How much is a downpayment on a 200k house?The standard down payment for conventional loans, such as the traditional 30-year fixed rate mortgage, is typically 5%. In this scenario, $10,000 is required to obtain a mortgage for a $200,000 property purchase. It lowers the amount you'll have to borrow and is frequently quoted as a percentage of the house's sales price.
For instance, the buyer of a $250,000 home must pay at least $7,500 at closing if the mortgage lender demands a 3 percent down payment. A down payment is frequently described as a proportion of the cost of the home. As an illustration, 3.5% down equals $8,750 for a $250,000 house, whereas 20% equals $50,000. The down payment requirement for a $500,000 house is $17,500.
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The amount of the mortgage loan the bank will provide for you is $187,500. 25% of $250,000 = $62,500; $250,000 - $62,500 = $187,500
What is mortgage loan? A mortgage loan is a type of loan used to purchase real estate, usually a home. It is secured by the property, meaning that if the borrower fails to make payments, the lender has the right to take ownership of the property. Mortgage loans typically come with a fixed rate of interest, meaning that the interest rate stays the same over the life of the loan. The loan is usually paid back in monthly installments over a period of years, usually between 15 and 30 years. The amount of the loan and the length of the loan term will determine the size of the monthly payments. The borrower is usually required to put up some type of collateral, such as a down payment, to secure the loan.To learn more about mortgage loan refer to:
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the uruguay round extended gatt to cover services as well as manufactured goods. group of answer choices true false
The given statement "the Uruguay Round extended GATT to cover services and manufactured goods" is true because it signifies the correct function of Uruguay Round.
The Uruguay Round was the eighth round of multilateral trade negotiations (MTN) conducted by the General Agreement on Tariffs and Trade (GATT), which took place from 1986 to 1994. The goal of the Uruguay Round was to expand the scope of the GATT to include new areas of trade, such as services, intellectual property, and agriculture, and to reduce trade barriers in existing areas, such as manufactured goods.
Thus the Uruguay Round extended GATT to cover services and manufactured goods.
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a consultant is meeting with a new client for the first time to design a rollout strategy for its sales cloud implementation. what should the consultant do during the planning phase to ensure a successful implementation?
A consultant is meeting for the first time with a new client to establish a rollout strategy for its Sales Cloud installation.
Create a prototype of the proposed solution.Determine which Salesforce features to employ.Establish objectives, KPIs, and sales procedures.Construct and test the new functionality.What exactly is a sales force management system?Salesforce management systems (also known as sales force automation systems (SFA)) are information systems that aid in the automation of various sales and sales force management operations in customer relationship management marketing and management. They are frequently paired with a marketing information system, in which case they are commonly referred to as CRM systems. An SFA is a system that automatically records all phases of a sales process. It is generally part of a company's CRM system. SFA contains a contact management system that monitors all interactions with a specific client, the purpose of the communication, and any necessary follow-up. This prevents sales attempts from being repeated, lowering the chance of offending clients.
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g record the appropriate adjusting journal entry at the current year end. what is the dollar increase (if any) on liabilities?
The adjusting entry in the journal would be the amount of the expected costs for the debit of the liabilities of future periods and the same amount credited to the expense account. The dollar increase in liabilities would be in the amount of expected costs.
Accruals are estimated costs that have been incurred but not yet paid. Therefore, a correcting journal entry is required at the end of the current year to ensure that expenses are accurately recorded in the accounts. By writing off accrued liabilities and crediting them to an expense account, the company will have an accurate record of expected expenses and liabilities will increase by the amount of expected expenses.
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if consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) if consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) normal good inferior good neutral good necessity complement
If consumer incomes rise and this leads to an increase in the demand for chocolate, then chocolate is a(n) normal good.
A normal good is a good for which the demand increases as consumers' income rises.
So, chocolate is a normal good because as people have more disposable income, they are more likely to buy more chocolate and enjoy its taste.
This is the opposite of an inferior good for which demand decreases as income increases.
On the other hand, a neutral good is a good for which the demand remains unchanged as income changes and a necessity is a good that people need to survive regardless of their income, like food, shelter, and clothing.
A complement good is a good that is typically consumed with another good, for example, chocolate is often consumed with coffee.
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a corrupt and illegal activity in which a person offers, gives, solicits, or receives money, services, or anything of value to gain an illicit advantage is known as:
Bribery is the corrupt and illegal act of offering, giving, or receiving money, services, or anything else of value for profit.
Bribery that promises, gives, accepts or agrees to receive money or anything of value for the corrupt purpose of influencing a public official in the performance of his official duties. If money is offered or promised in return for a corrupt act, the official concerned does not have to actually commit the act for the bribery charge to be established. The act is usually punishable as a crime.
Bribery is the corrupt and illegal act of offering, giving, or receiving money, services, or anything else of value for profit.
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there is only one explanation for why economists give conflicting advice on policy issues, and it is that they have different scientific judgments about the validity of alternative theories. State of True or False.1. True 2. False
False . They differ in their assessments of the scientific merit of competing hypotheses. There is only conceivable explanation for the inconsistent recommendations that economics makes regarding public policy.
What function does economics serve in business?Every company organization needs a business economist to perform three crucial tasks: demand estimation and forecasting, capital management, and profit management.
What is economics in plain English?Economics is the analysis of scarcity and how it affects how resources are used, how commodities and services are produced, how production and welfare increase over time, and a wide range of other complicated concerns that are extremely important to society.
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last year, kaylor equipment had $15,900 of sales, dividend payments of $75, an addition to retained earnings of $418, depreciation of $680, and $511 of interest expense. what are the earnings before interest and taxes at a tax rate of 21 percent?
$1,269.46 is the profits before interest and taxes at a tax rate of 21%.
Earnings Before Interest and Tax (EBIT) is the term used to describe net income, which is the difference between an organization's revenue and its related costs. The Income Statement section of an organization's financial statement is where the EBIT calculation is often located for a certain year.
Therefore, the Tax and Interest must be Added Back to the Net Income After Tax in order to Calculate the EBIT (usually added to retained earnings)
Thus, Net Income is calculated as Dividends Paid + Net Income (added to retained earnings)
= $75 plus $418 equals $493, which is a portion of net income.
The process for determining taxable income is as follows:
The tax rate is 35%, and the net income is $493.
Taxable Income is $493 divided by 1.083 to get $758.46.
Therefore, earnings before interest and tax =
combined with taxable income
= $511 + $758.46 = $1,269.46
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the accrual concept that costs incurred to generate a revenue are expensed in the same period the revenue is recognized is known as the principle.
Symmetry principle. based on the accrual principle, which states that expenses incurred to produce a specific revenue should be recorded in the same period as the revenue.
The accrual principle is what.According to the accrual principle, transactions must be documented in the period in which events take place, irrespective of when the transaction's real cash flows are received.
What is the principle of expense recognition?The expense recognition rule is a theory that specifies when expenses should be recorded in a company's financial statements. The basic accounting principle often dictates that expenses be recognized and recorded at the same time as the revenues related to those expenditures under accrual accounting.
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vision statements are used to create a better understanding of the overall purpose and direction of the organization. vision statements group of answer choices set organizational structure. are massively inspiring. are very specific. provide specific objectives.
They are usually ambitious and communicate how the company plans to impact the world. Think of it as a roadmap for making decisions that align with your company's philosophy and goals.Mission statements are specific to your business, but it's useful to see how popular brands express their future goals. For example Tesla, nordstrom, Amazonas, IKEA
It consists of three parts:what, how and why A vision statement outlines the company's long-term goals and future aspirations in terms of long-term growth and impact on the world.
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Rottweiler Obedience School’s December 31, 2018, balance sheet showed net fixed assets of $1,945,000, and the December 31, 2019, balance sheet showed net fixed assets of $2,137,000. The company’s 2019 income statement showed a depreciation expense of $335,000. What was the company’s net capital spending for 2019? (Do not round intermediate calculations and round your answer to the nearest whole number, e. G. , 32. )
Net capital expenditures for the business in 2019 were $143,000.
Net capital is what?The total written-down value of all of the fixed assets remaining in use is referred to as the net share capital; it can also be referred to as the discrepancy between of gross invested capital and fixed capital consumption.
Are net capital and equity the same thing?The sum of money that a shareholder or business owner would earn if they sold all of their holdings and settled the business's debt is known as equity. The term "capital" solely refers to a company's liquid financial resources.
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Julian wants to open a bakery. He uses his savings and borrows some funds from his family to start his business. In the given scenario, Julian uses _____ to fund his business
He utilizes his own money to start a bakery using money through his savings and a small loan from his family.
How do business angels and venture capital funds differ from one another?Investments made from angel investors in setup and small firms with remarkable development potential are known as venture capital. The fact that venture capital firms often invest later in a company's life than angel investors does is a clear distinction between the two groups of investors.
Which of following is the main justification for starting a firm for an entrepreneur?The primary motive is not money but rather freedom and enthusiasm.
According to a study by Cox Business, more than half all small business entrepreneurs open their own operations in order to work for themselves. They were inspired to build an item from the roots up as well.
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Which of the following will result in your paying the largest amount of interest to the credit card copany?Paying 20% of your credit card balance every monthMaking the minimum payment every monthPaying off your balance every monthSaying "credit" every time the cashier asks "Debit or Credit?"
Paying 20% of your credit card balance every month will result in your paying the largest amount of interest to the credit card company.
What is an credit card?Credit cards typically have a higher annual percentage rate (APR) compared to other consumer loans. Interest is ordinarily charged on any unpaid balances charged to the card around a month after a purchase is made, unless there is a 0% APR introductory offer in place for a specific amount of time after account opening. But there is no grace period for new charges if past due balances from a prior month were carried forward.
According to the law, credit card companies must give customers a grace period of at least 21 days before interest on purchases begins to accrue. As a result, it's always a good idea to pay off balances before the grace period expires.
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who has the responsibility to apply accounting standards when communicating with investors and creditors? multiple choice question. the sec the fasb auditors management
Firms auditors has the responsibility to apply accounting standards when communicating with investors and creditors.
What is an accounting standard?
An accounting standard is an uniform set of instructions that forms the basis for financial accounting principles and procedures.
Accounting rules broaden the transparency of financial reporting. The term "generally accepted accounting principles" refers to the collection of accounting rules that are frequently utilized in the US to produce financial statements (GAAP).
International enterprises that report financial accounts but are not subject to U.S. GAAP utilize the International Financial Reporting Standards (IFRS), which were developed by the International Accounting Standards Board (IASB).
Both public and commercial organisations regularly use generally recognized accounting principles in the United States. The vast majority of the remainder of the world uses IFRS. Multinational organizations need to use these standards.
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