GAAP stands for:
Q: 0. Aira invested ₱ 7,000.00, part at 4% and the remainder at 8% simple interest. How much is…
A: Interest means the extra amount which we received because of investment made and will be paid in…
Q: . What amont of money is equivalent to receiving ₱ 10,000 three years from today, if interest is…
A: Present value is the value which has been computed by the company are by the investor when the…
Q: ing by Doing E
A: Market demand function : Q = 780 - p p = 780 - Q Where ,Q = Q1+ Q2+ Q3 p = 780 - ( Q1 + Q2 + Q3 )…
Q: QUESTION S Matthew (48 at year-end) develops cutting-edge technology for SV, Inc. located in Silicon…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Tiger Drug Store carries a variety of health and beauty aids, includi Unit Sales Dollar Sales…
A: Purchase budget is the budget prepared at the beginning of the period that shows the inventory…
Q: On September 1, 2022, Darren Co. borrowed P150,000 from BPI by issuing 8% note due August 31, 2023,…
A: Note: Interest amount should be recognized on the amount borrowed. Accounts receivables pledged as…
Q: Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities…
A: The question is based on the concept of Cash flow statement. Cash flow Statement is the statement…
Q: Suppose you started your own landscaping business. A customer paid you $120 in advance to mow his…
A: 1. Accounts Name Cash Unearned Service Revenue Accounts Receivables Service Revenue
Q: 2. Pedro Reyes purchased a delivery vehicle on April 1, 2016 amounting to PHP250,000. It is…
A: Depreciation means the amount of expenses written off from the value of fixed assets used in…
Q: Contina Co. owed Maunlad Bank a P3,000,000, three-year, 10% note payable dated January 1, 2012. The…
A: Restructuring in Notes Payable For the Restructuring of the Debt which are provided by the financial…
Q: Oriole produces and sells two products-aluminum and vinyl. Each of these products is made in a…
A: Margin is the measure of profitability of the business. It shows how much net income has been earned…
Q: Tara is the sole shareholder of an S Corporation. Tara's salary and bonus from the S Corporation is…
A: These taxes are often called as self employment taxes. If one forms a S Corporation, some of these…
Q: Controller Incorporated produces two basic types of video games, Clash and Slash. Pertinent data…
A: Contribution margin is calculated by deducting all the variable cost from the sales. Contribution…
Q: Which of the following is not a financial statement? O Bank statement Income statement Balance sheet…
A: Financial statement includes 1) Balance sheet 2) income tax 3) cash flow statement 4) statement of…
Q: Impairment of a CGU (Cash Generating Unit) Potters Ltd has determined that its fine China…
A: Impairment of assets means reducing the book value of assets when carrying amount is more than…
Q: Pacific was a nich included a and registered ed in trade or b
A: Company included the car plan in its compensation = P3000000 General sense, Car or any motor vehicle…
Q: Which one of the following is not a factor that helps determine a company's credit rating? Its…
A: A credit rating can be defined as the evaluation of a person or entity’s ability to pay obligations.…
Q: Bilmoco Company purchased a new machine on a deferred payment basis. A down-payment of P100,000 was…
A: Cost of machine means the purchase price of machine including installation cost , non refundable…
Q: Is there a financial impact on the total cost of the project, and if so, how much of an impact? The…
A: NOTES: Duration= 12months, Regular employees =7, Rate = 51 per hour, overhead rate = 150%, Working…
Q: As franchisee, Virgie delos Reyes had the following data on revenue and receivables: From Operations…
A: As per the Given Information in the Question, 1) From Operations covered by the franchise: Revenues…
Q: McKenzie Sales, Limited Comparative Income Statement Last Year $ 5,548,000 Sales This Year $…
A: In a common size income statement, each line item of the income statement is expressed as a…
Q: October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded…
A: While preparing closing Entry for Income statement accounts, all the Revenues and Expenses are…
Q: Determine Total Assets value?
A: Introduction: Assets: Any resource having monetary value called as Assets. Assets are of two types…
Q: Target costing The marketing department at Cleveland Furniture Mfg. has an idea for a new product…
A: Calculation of Total sales and total units :-
Q: 37. How many kg of material were available for use in production? A company uses limiting factor…
A: Number of kg of material available for use in production is = summation of optimal production…
Q: Calculate the hourly operating cost (under average conditions) for a 180- horsepower motor grader…
A: The operating cost that those costs are incurred to run the operations of the business. The per-hour…
Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…
A: Formula: Labor rate variance = (Actual hourly rate - Standard rate per hour)*Actual hours worked…
Q: PROBLEM 10-12 Variance Analysis in a Hospital LO10-1, LO10-2, LO10-3 John Fleming, chief…
A: What is meant by Standard costing? It is the process of recording the expected cost against actual…
Q: On December 31, 2021, Maroon Co. leased an equipment with a cost of P2,000,000 to Green Co. for…
A: As per IFRS 16, Leases, Lessor will recognize Net investment in lease on lease commencement date…
Q: The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021…
A: Answer:- Liabilities definition:- A liability is anything that a person or corporation owes,…
Q: Pharoah Company purchased for $4,543,000 a mine that is estimated to have 45,430,000 tons of ore and…
A: Introduction: Depletion: Depletion expense to be recorded in Income statement. Depletion is…
Q: Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated…
A: The balance sheet is one of the important financial statements of the business which tells about the…
Q: Give a sample and solution for 2. Note Payable
A: Notes payable (NP) refers to the liabilities which are long term in nature and states that the…
Q: what is the carrying value of the intangible assts at December 31, 2020?
A: Carrying Value of intangible assets is shown in the balance sheet part where Calculation of the…
Q: Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was…
A: For the Medical Insurance coverage which are incurred with the total deductible amount and…
Q: Able Company provides an incentive compensation plan under which its president received a bonus…
A: Bonus rate is 10% of corporation's income before income tax but after deduction of bonus. Tax rate…
Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,587 • Book…
A: Introduction: Bank Reconciliation statement: To reconcile the differences between bank book and cash…
Q: A project requires a $41,000 initial investment and is expected to generate end-of-period annual…
A: Introduction:- Net present value means as follows under:- Net present value is a tool of Capital…
Q: structions The cash account for Norwegian Medical Co. at April 30 indicated a balance of $82.726.…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: SLO-1.2. The principle requires that expenses be allocated to the period that they helped create…
A: Incomes and expenses are part of the business. Thus, recognising them in each which period and year…
Q: SLO-3.3. Liabilities are reported on the OIncome Statement Ostatement of Owner's Equity Ostatement…
A: Solution 3.3 Liabilities are the present obligation as a result of past event that requires outflow…
Q: The report on the effectiveness of internal control over financial reporting for companies filing…
A: Here asked for multiple question we will solve for 1st question according to guidelines. If you…
Q: 43. Assuming the sales mix in Year 5 will be the same as in Year 4, what is the breakeven sales…
A: Break even point means a situation where the is neither profit nor loss. Sales revenue is sufficient…
Q: 14. What is the fixed portion of Miramax's electricity expense rounded to the nearest peso? Miramax…
A: When some cost is showing combined effect of variable and fixed cost i.e. it is semi variable and…
Q: Zack Corp. had the following information for 2019: Sales $500,000 Operating income 50,000…
A: The residual income is the excess of net income earned over the desired income to be earned.
Q: Complete the information in the cost computations shown here: Raw materials Beginning inventory…
A: Solution:- Completion of the information in the cost computations as follows under:-
Q: Required information [The following information applies to the questions displayed below.] The…
A: The Social Security tax is a tax paid on both employers and employees in the United States to pay…
Q: [The following information applies to the questions displayed below.] Ryan is self-employed. This…
A: Tax is the amount that is charged by the government to the individuals and businesses on the income…
Q: Explain four types of standard in Performance Management Accounting.
A: performance management standard or those standard that has been set up by the regulating body to…
Q: On January 1, 2015, Tyrion Company issued P4,000,000 maturity value, 12% bonds for P4,000,000 cash.…
A: Total liabilities = Maturity value of bonds + Accrued interest where, Accrued interest = Face value…
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- GAAP stands for O a. Generally Accepted Accounting Policies O b. Generally Accepted Auditing Policies O c. Generally Accepted Auditing Principles O d. Generally Accepted Accounting PrinciplesSupport for Politicization of rule making for accounting standardsWhat is the authoritative guidance for AU-C 540 Auditing Accounting Estimates, including Faire Value Accounting Estimates, and Related Disclosures?
- Between Principles- Based and Rules-Based Accounting Standards, which would you use and do you think that this is the right way to create accounting standards?GAAP stands for: The answer is A. Generally Accepted Accounting Principles. B. Generally Accepted Accounting Performance. C. Generalized Accounting Assumptions and Principles D. Generally Accepted Auditing Practices.MFRS108: Accounting Policies, Changes in Accounting Estimates andErrors contains guidance on the use of accounting policies and accountingestimates.Explain the basis on which the management of an entity must select its accounting policies in the absence of a Standard or Interpretation.
- Owner's equity is best depicted by the following: Assets = Liabilities. %3D Assets - Liabilities. Residual equity + Assets. Liabilities + Assets.Briefly explain the following generally accepted accounting principles withyour own words and examples. a) Consistency PrincipleAdvantages and Disadvantages of Harmonization of Accounting Standards
- What does the conceptual framework intend to establish? a. the objectives and cocepts foruse in developing IFRSs b. the hierarchy of sources of accounting standards and principles c. the true concept of "present fairly in accordance with IFRSs' d. IFRSWhy do we use the Accounting Standards Codification (ASC)? (RAB 9) To summarize key pronouncements of the AICPA To provide access to current GAAP To organize rules from the SEC To prioritize the key information tested on the CPA exam
