Answer:
Pinewood Company
Initial valuation of the buildings and the land are:
Building A = $585,000
Building B = $260,000
Land = $455,000
Explanation:
a) Data and Calculations:
Purchase price of buildings and land = $1,300,000
Fair values of:
Building A = $630,000
Building B = $280,000
Land = $490,000
Total fair value = $1,400,000
Initial valuation of the buildings and the land are:
Building A = $630,000/$1,400,000 * $1,300,000 = $585,000
Building B = $280,000/$1,400,000 * $1,300,000 = $260,000
Land = $490,000/$1,400,000 * $1,300,000 = $455,000
Total fair value = $1,300,000
If a company has discriminated against minorities in the past, should it be required to give priority to minority applicants today? Why or why not?
Answer:
The description as per the given statement is summarized in the below segment.
Explanation:
There should priorities immigrants, although it has its inherent consequences since it damages the morality of all other project teams and thereby discourages them.This would also dissuade customer prejudice from purchasing the merchandise of the company and then so this might not be beneficial to priorities it.Which of the following is true about an opportunity cost? Multiple Choice they are recorded in the accounting records of the company. is a cost that has already been incurred and can not be changed by any decision. is the potential benefit given up when one alternative is selected over another. should never be considered in decision-making.
Answer:
potential benefit given up when one alternative
Explanation:
1. Implicit cost or opportunity cost : Implicit cost is the cost of the next best option forgone when one alternative is chosen over other alternatives. It is used in calculating economic profit
for example, if you start your business and earn 100,000 but you have to leave your job where you earn 10,000. opportunity cost is 10,000
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300.
3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000.
4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200.
5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350.
16 Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000.
18 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.
Record on page 11 of the journal
Mar. 19 Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of the goods sold was $5,000.
26 Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28 Received check for amount due from Vista Co. for sale of March 19.
31 Received check for amount due from Empire Co. for sale of March 4.
31 Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
15 Paid $6,544 to state sales tax division for taxes owed on sales.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS
Amsterdam Supply Co.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable-Empire Co.
122 Accounts Receivable-Equinox Co.
123 Accounts Receivable-Targhee Co.
124 Accounts Receivable-Vista Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense
Journal
Shaded cells have feedback.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Answer:
Accounts Receivable (Dr.) $18,900
Sales (Cr.) $18,900
Cost of good sold (Dr.) $13,300
Inventory (Cr.) $13,300
Cash (Dr.) $12,031
Sales (Cr.) $11,350
Sales tax payable (Cr.) $681
Cost of goods sold (Dr.) $7,000
Inventory (Cr.) $7,000
Accounts receivable (Dr.) $27,500
Sales (Cr.) $27,500
Cost of goods sold (Dr.) $16,000
Inventory (Cr.) $16,000
Cash (Dr.) $18,711
Cash discount (Dr.) $189
Accounts receivable (Cr.) $18,900
Explanation:
Cash discount is the discount given to customers who pay before the credit terms. This is available to those customers who buy goods on credit. This is recorded as expense.
Cash discount : $18,900 * 0.01 = $189
On January 1, 2013, the balance in Tabor Co.'s Allowance for Bad Debts account was $13,546. During the first 11 months of the year, bad debts expense of $21,399 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2013, was $9,859. Required: (a) What was the total of accounts written off during the first 11 months
Answer: $25,086
Explanation:
The bad debt written off is calculated by:
= Opening balance in Allowance for bad debts account + Bad debt expense - Closing balance in Allowance for bad debt
= 13,546 + 21,399 - 9,859
= $25,086
The question, "What are the distinguishing characteristics of effective leaders?" sparked which approach to the study of leadership?
Answer:
behavioral approach to the study of leadership
Explanation:
In simple words, The behavioral approach is only concerned with what managers do and what they behave. The behavioral approach broadened the science of leadership to encompass the activities of leaders toward followers in diverse settings by moving the study of leadership to leader behaviors. Monitoring and analyzing a leader's movements and behaviors in response to a given circumstance is central to behavioral leadership theory.
The question, "What are the distinguishing characteristics of effective leaders?" sparked the:
Behavioral approach to the study of leadership
According to the given question, we can see that a question was asked which wants to mirror on the unique features of an effective leader and asked us to show the type of approach which was sparked as a result of this question.
As a result of this, we can see that the type of approach which was sparked as a result of the question about the distinguishing characteristics of effective leaders is behavioral approach.
This is because, this type of approach focuses on leaders and how their activities impacts the followers.
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g The fundamental limitation of a matrix structure is that it ________. A. introduces more errors in the decision-making process due to the speed of the process B. institutes a dual hierarchy that violates the unity-of-command principle C. isolates upper management from operational levels D. creates a poor organizational culture
Answer:
The correct answer is the option B: Institutes a dual hierarchy that violates the unity-of-command principle.
Explanation:
To begin with, in the business management field the concept known as "Matrix structure" or matrix management as well is refered to the dynamic way of organizating the company that has the characteristic of having the employees of the business answering directly to two or more superiors of leaders instead of just one. Therefore that in this type of organizational structure sometimes the matters of certain departments tend to interfere or collide with the objectives of others. That is the main reason why it does violates the principle of unity-of-command described in the organizational theory.
A recent study determined that, at the current market price, there is a shortage of widgets in Pleasantville. If the market for widgets is allowed to adjust, the ultimate result will be:
Answer: b. an increase in price and an increase in the quantity supplied
Explanation:
According to the law of supply and demand, when the supply of a good is low, the price should be high to reflect this scarcity. In this case, the supply of widgets is low, hence the shortage.
If the market was able to freely adjust, the price of widgets would increase to reflect this shortage. When supplies see this increase, they will increase their supply so as to earn more profits.
Typical cash outflows of a project include all of the following except: A. the original investment B. depreciation expense. C. additional inventory required D. repairs and maintenance expenses E. all of the above are typical cash outflows.
Answer:
B. depreciation expense
Explanation:
Project cash flow can be regarded as how cash flows into as well as out of an organization with respect to a particular potential or existing project. Project cash flow encompass costs for such a project as well as the revenue.
conventional cash flow as regards a project is been structured typically as an initial outflow, which is then followed by inflows numbers over a particular period of time.
Typical cash outflows of a project include the following ;
✓the original investment
✓additional inventory required
✓repairs and maintenance expenses
Two employees are suspended for three days for a fight that violated the Human Resource policies of the facility. This behavior would be
Answer:
workplace misbehavior
Explanation:
In simple words, Any deliberate employee activity that is theoretically detrimental to the company or people inside the organisation is referred to as workplace misbehavior. Such misbehavior might vary from pumping noisy audio just to upset employees to verbal hostility and job sabotage, many of which can cause chaos in any workplace.
This behavior is a kind of "Workplace misbehavior".
Such deliberate employee behavior, which may hurt the corporation or organizations as well as individuals inside the company, is termed Workplace misbehavior.These conducts could maximum range from music blasting to aggravate employees, psychological hostility, and sabotage, which in any business can lead to disaster.
Thus the above response is correct.
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Suppose you invest every quarter, for 20 years, in an annuity that pays 5% interest, compounded quarterly. At the end of the 20 years, you have $100,000. How much of this total is interest
Answer: $41,228
Explanation:
The first step is to determine the amount that was being invested, in other words, the annuity.
First find the future value of annuity factor:
= 1 * Future value of annuity formula
= 1 * ( ( 1 + rate)^ number of periods) - 1) / rate
Rate = 5% / 4 = 1.25%
Number of periods = 20 * 4 quarters = 80 quarters
Annuity factor = 1 * ( ( 1 + 1.25%) ⁸⁰ - 1) / 1.25%
= 136.118795
The annuity is:
Future value of annuity = Annuity * Future value of annuity factor, 80 years, 1.25%
100,000 = Annuity * 136.118795
Annuity = 100,000 / 136.118795
= $734.65
The interest is:
= Future value of annuity - (Annuity * number of periods)
= 100,000 - (734.65 * 80)
= $41,228
A vendor sells hot dogs at $17.00 /piece. For every hot dog he spends $11.23 in the raw material. Additionally he spends $0.90 for packing each hotdog and monthly $46.00, $25.00, $13.00 as food truck rent, electricity and other expenses respectively. How much is the vendor contributing to covering his fixed costs or generating profits
Answer: $4.87
Explanation:
The question is asking for the Contribution margin which is the amount left of the selling price after the variable costs have been deducted.
Contribution margin = Selling price - variable costs
= Selling price - Raw materials - packing costs
= 17 - 11.23 - 0.90
= $4.87
A river barge company can offer cheaper, although slower, per pound transportation of products to companies when compared with transportation by air, truck, or rail. The river barge company should first target customers whose companies use Group of answer choices
Answer:
The cost leadership strategy
Explanation:
The organization should focused on the cost leadership strategy that fouces on decreasing the cost also in generally it have an interest for employing this option
So as per the given option the river barge should first target customers that use the cost leadership strategy
hence, the same should be considered
You want to buy a car and a local bank will lend you $18,500. The loan will be fully amortized over 5 years, and the nominal interest rate would be 4.65%, with interest paid monthly. What is the monthly loan payment
Answer:
$346.16
Explanation:
The monthly loan payment can be calculated using a Financial calculator as follows :
PV = $18,500
N = 5 x 12 = 60
I/YR = 4.65%
P/YR = 12
FV = $0
PMT = ??
The monthly loan payment (PMT) is calculated as $346.16
A TV manufacturing company uses speakers at the rate of 8000/mo. When it places an order for speakers it incurs a fixed cost of $1200. The monthly interest rate for keeping a speaker in stock is assessed at 1%/mo. The cost of the speaker depends on the order size. If less than 1000 speakers are ordered the cost is $11 each. When the order size is between 1000 and 10,000 the cost is $10.50/unit. For order sizes between 10,000 and 30,000 the cost is $10 per unit. For order quantities between 30,000 and 80,000 the cost drops to $9.50. Beyond 80,000 the cost is $9.25. Determine the optimum order size and time between orders if shortages are not allowed.
Please use excel to solve this problem. Show all cell formulas and parameters used.
Solution :
1. Ordering quantity 500 1000 10000 30000 80000
2. No. of orders 16 8 0.8 0.27 0.1
3. Average inventory 250 500 5000 15000 40000
4. Value of average 2750 5250 50000 142500 370000
inventory
5. Monthly total cost
a). Cost of material 88000 84000 80000 760000 740000
b). Ordering cost 19200 9600 960 320 120
c). Carrying cost 27.5 52.5 500 1425 3700
Total monthly cost 107227.5 93652.5 81460 77745 77820
Among the total monthly cost, $ 77,745 is the least cost.
Therefore, the optimum order size of quantity = 30,000
The number of orders per month = 8000/30000 = 0.267
Time between two consecutive orders = 30000/8000 = 3.75 months
The Cherrywood Fine Furniture Company finds itself with excess capacity in its plant and equipment for furniture manufacturing. This excess capacity will be useful in Group of answer choices
Answer: related diversification project
Explanation:
Related diversification simply means the scenario whereby a firm moves into a new industry which possesses vital similarities with the existing industry of the firm.
In this case, since Cherrywood Fine Furniture Company has excess capacity in its plant and equipment for furniture manufacturing, then this can be used for related diversification project.
A rock group assigns its payment under a performance contract to the Costume Shop, a business that has supplied the group with outrageous stage outfits, and to which the group owes a great sum of money. Under this arrangement the rock group is the a. delegator. b. delegatee. c. assignee. d. assignor.
Answer:
Rock Group and Costume Shop
Under this arrangement the rock group is the
d. assignor.
Explanation:
The rock group, as the assignor, is the entity that transfers its property rights or its powers to payment to Costume Shop. The Costume Shop is the assignee because it is the entity to which property rights or powers to payment of the rock group are transferred. Under the performance contract, the rock group can also be described as the delegator while the Costume Shop is the delegatee. However, under payment terms, the rock is the assignor while the Costume Shop is the assignee.
If there are six firms in an industry and the market shares of the firms are 32 percent, 25 percent, 19 percent, 9 percent, 8 percent and 7 percent, the Herfindahl index is
Answer: 2,204
Explanation:
The Herfindahl-Hirschman Index (HHI) shows just how competitive an industry is with a higher HHH meaning that it is not very competitive and a lower one meaning that it is quite competitive.
It is calculated by adding up the squares of the percentage market shares of the firms in the industry of interest:
= 32² + 25² + 19² + 9² + 8² + 7²
= 1,024 + 625 + 361 + 81 + 64 + 49
= 2,204
Assume the state of Alaska placed a tax on playing cards of 5 cents per pack. If the state generated $55500 in revenue, how many packs of cards were sold?
Answer:
The right solution is "1,110,000 units".
Explanation:
Given:
Tax revenue,
= $55500
Tax per good,
= 5 cents
As we know,
⇒ [tex]Tax \ revenue=Tax \ per \ good\times goods[/tex]
By substituting the values, we get
[tex]55500=0.05\times Q[/tex]
[tex]Q=\frac{55500}{0.05}[/tex]
[tex]=1,110,000 \ units[/tex]
Risk is best thought of as the potential for variability in the investment’s outcomes. This means that if an investment has the potential to provide only one possible outcome or return, then it is , while if there is more than one possible return or result, then the asset should be considered . This is why securities sold by the U.S. Treasury have historically been considered to be the securities in the world; because except in the event of the failure of the U.S. government, any investor holding a Treasury security would receive the security’s face value upon its maturity.
Answer:
safe or risk free, risky, safest
Explanation:
In investment market, risk is defined as the potential for the variability in the outcomes of the investment. Thus it is meant that outcome or return of making an investment is safe and risk free if there is only one return or outcome. But if there are more than one possible return from the investment, then that investment is considered as risky. For this reason the securities sold by the United States' Treasury is considered to be the safest securities in the world as the investor will receive the face value of the security upon its maturity from the government.
Following a decrease in price from $1.90 to $1.50, the weekly demand for a magazine increases from 100,000 to 120,000 copies. The price elasticity of demand for magazines in this range is:
Answer:
0,95
inelastic
Explanation:
0.21
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
Price elasticity of demand = midpoint change in quantity demanded / midpoint change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
A bond has a modified duration of 8 and a price of 112,955 calculated using an annual effective interest rate of 6.4%. EMAC is the estimated price of this bond at an interest rate of 7.0% using the first-order Macaulay approximation EMOD is the estimated price of this bond at an interest rate of 7.0% using the first-order modified approximation Calculate EC EMOD A. 91 B. 102 C. 116 D. 127 E. 143
Answer:
Option E (143) is the appropriate solution.
Explanation:
According to the question,
The modified duration will be:
= [tex]\frac{Macaulay \ duration}{(1+yield)}[/tex]
= [tex]8\times 1.064[/tex]
= [tex]8.512[/tex]
The percentage change in price will be:
= [tex]-0.6\times 8 \ percent[/tex]
= [tex]-4.8[/tex] (%)
Now,
The EMOD will be:
= [tex]112955\times (1-4.8 \ percent)[/tex]
= [tex]107533.2[/tex] ($)
Or,
The EMAC will be:
= [tex]112955\times (\frac{1.064}{1.07} )^{8.512}[/tex]
= [tex]107675.7[/tex] ($)
Hence,
⇒ [tex]EMOD-EMAC=107533.2-107675.7[/tex]
[tex]=-142.5[/tex]
⇒ [tex]EMAC-EMOD=143[/tex]
A multidomestic corporate-level strategy has ____ need for global integration and ____ need for local market responsiveness. Group of answer choices
Answer:
low; high
Explanation:
In the case of the multidomestic corporate level strategy there is less need for the integration that occurred globally and at the same time there is high requirement for the response made to local market
So as per the given situation, the blanks could be filled with the low and high options
ANd, the same is to be considered
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Tamarisk's Goods and Ivanhoe Enterprises. Determine the missing amounts
Answer:
The solution according to the given query is provided below.
Explanation:
The given question seems to be incomplete. The attachment of the complete query is provided below.
Now,
The additional investment will be:
= [tex]Ending \ owner's \ equity-Beginning \ owner's \ equity+Drawings-Net \ income[/tex]
By putting the values, we get
= [tex]40000-25000+37000-45000[/tex]
= [tex]7,000[/tex]
Now,
The drawings will be:
= [tex]Ending \ owner's \ equity-Beginning \ owner's \ equity+Additional \ investment-Net \ income[/tex]
By putting the values, we get
= [tex]130000-80000-25000-40000[/tex]
= [tex]-15,000[/tex]
Splish Brothers Inc. reported net income of $394000 for the year. During the year, accounts receivable increased by $29000, accounts payable decreased by $12000 and depreciation expense of $61000 was recorded. Net cash provided by operating activities for the year is
Answer:
$414000
Explanation:
Calculation to determine what Net cash provided by operating activities for the year is
Net income $394000
Less Receivable increased ($29000)
Less Accounts payable decreased ($12000)
Add depreciation expense $61000
Net Net cash provided by operating activities $414000
Therefore Net cash provided by operating activities for the year is $414000
A trademark is a device that can take almost any form as long as it is capable of identifying and distinguishing specific products or services. Owens-corning fiberglas corporation's trademark is an example of a poduct that is protected by:__________
a. combination of letters and designs.
b. product shape.
c. picture.
d. logo.
e. color.
Answer:
E)color
Explanation:
Trademark can be regarded as one of intellectual property, it can be explained as recognizable insignia, symbol as well as phrase and word, which denotes a particular product and it's one that legally differentiates that particular Product from all other products of its kind. A trademark can also be regarded as one that exclusively identifies a product and allow the consumer to know specific company it belongs to and also allows them to know company that have the ownership of the brand.
It should be noted that trademark is a device that can take almost any form as long as it is capable of identifying and distinguishing specific products or services.
For instance Owens-corning fiberglas corporation's trademark is an example of a poduct that is protected by logo.
Product K has a unit contribution margin of $120. Product L has a unit contribution margin of $100. Product K requires five furnace hours, while Product L requires four furnace hours. Determine the most profitable product, assuming the furnace is a bottleneck constraint.
Answer: Product L is more profitable
Explanation:
The unit contribution margin per production of product K per bottleneck hour will be:
= $120/5
= $24
The unit contribution margin per production of product L per bottleneck hour will be:
= $100/4
= $25
Product L is more profitable as it gives a profit of ($25 - $24) = $1 more than product K
A 30-year maturity bond with face value of $1,000 makes annual coupon payments and has a coupon rate of 8%. (Do not round intermediate calculations. Enter your answers as a percent rounded to 3 decimal places.)
Answer and Explanation:
a. The yield to maturity is
Given that
FV = $1000,
PV = -$900
PMT = 80 (8% of $1,000)
NPER = 30
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
after applying the formula, the rate is 8.97%
b. In the case when the bond is sold at par so this means that yield to maturity is equivalent to the coupon rate i.e. 8%
c. The yield to maturity is
Given that
FV = $1000,
PV = -$1100
PMT = 80 (8% of $1,000)
NPER = 30
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
after applying the formula, the rate is 7.18%
Nadal Inc. had two temporary differences at the end of 2013. The first difference stems from installment sales, and the second one results from the accrual of a loss contingency. Nadal's accounting department has developed a schedule of future taxable and deductible amounts related to these temporary differences as follows:
Taxable amounts:
2014 $40,000
2015 $50,000
2016 $60,000
2017 $80,000
Deductible amounts:
2014 $0
2015 $(15,000)
2016 $(19,000)
2017 $0
As of the beginning of 2013, the enacted tax rate is 34% for 2013 and 2014, and 38% for 2015-2018. At the beginning of 2013, the company had no deferred income taxes on its balance sheet. Taxable income is expected in all future years.
A. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2013.
B. Indicate how deferred income taxes would be classified on the balance sheet at the end of 2013.
Answer:
72,880
Explanation:
Given:
Taxable amounts are as follows,
2014$40,000
2015$50,000
2016$60,000
2017$80,000
Deducible amounts are as folllows,
2014$0
2015$(15,000)
2016$(19,000)
2017$0
Solution:
Taxable amount is as follows,
2014$40,000-34%-13,600
2015$35,000-38%-13,300
2016$41,000-38%-15,580
2017$80,000-38%-30,400
Therefore the deferred liability 72,880
To income tax provision 72,880
This would be shown as deferred tax liability under the long term liabilities head with amount of $72,880
Lãi suất tiền gửi và cho vay của Việt nam hiện tại là bao nhiêu?
Answer:
?????
Explanation:
Description Term or Phrase 1. An assessment of whether financial statements follow GAAP. 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States. 4. Accounting professionals who provide services to many clients. 5. Principles that determine whether an action is right or wrong.
Answer: See explanation
Explanation:
1. An assessment of whether financial statements follow GAAP. = Audit
2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. = Net income
3. A group that sets accounting principles in the United States. = Financial Accounting Standard Board (FASB)
4. Accounting professionals who provide services to many clients. = Public accountant
5. Principles that determine whether an action is right or wrong.= Ethics
An assessment of whether financial statements follow GAAP: This is known as an "audit" or "financial statement audit." It involves an examination of financial statements to ensure that they have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), which are the standard accounting principles and guidelines used in the United States.
What are the responses to other questions?2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues: This is referred to as "profit" or "net income." It represents the remaining funds after deducting all expenses, including operating costs, taxes, interest, and other relevant expenditures, from the total revenues generated by the business.
3. A group that sets accounting principles in the United States: This group is called the "Financial Accounting Standards Board" (FASB). FASB is an independent, private-sector organization responsible for establishing and improving accounting standards in the United States. Their goal is to ensure transparency and consistency in financial reporting.
4. Accounting professionals who provide services to many clients: These professionals are known as "public accountants" or "certified public accountants" (CPAs). They offer accounting and financial services to various clients, including individuals, businesses, nonprofit organizations, and government entities. CPAs are typically licensed and regulated by state boards of accountancy.
5. Principles that determine whether an action is right or wrong: These are referred to as "ethical principles" or "ethical standards." They provide guidance on what is considered morally right or wrong in the context of accounting and business practices. Ethical principles in accounting include integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. They serve as a framework for accountants to maintain ethical conduct and make informed decisions.
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