From the following statements which one is not the correct classification of accounting theory
Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March:…
A: A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…
Q: ABC Co. is engaged in providing cable TV services. On November 1, 2021, the Company entered a cable…
A: As per IAS 115, Revenue recognition standard, The installation and subscription together considered…
Q: the taxpayer. S3: All deductions are based on actual expenses incurred. Group of answer choices c.…
A: •While filing tax returns with the Revenue authorities, the assessee is required to report his total…
Q: Problem The following information pertains to Bosh Inc.'s depreciable assets: Machine Y cost…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Explain the data provided
A: Introduction:- Fundamental accounting equation denotes relationship between the assets,…
Q: (a) A sale of goods £412 to T More had been entered in T Mone's account. (b) The purchase of a…
A: The error in the books may be occurred due to some posting in account or amount entered to the…
Q: Blair Madison Co. issues $2.9 million of new stock and pays $381,000 in cash dividends during the…
A: Cash flow from Financing activities: It include transactions relating to the debt, equity, and…
Q: On January 1, 2021, a business paid $6.400,000 for land with mineral deposits. Over the following…
A: The process of defining, assessing, and reporting transactions to regulatory authorities, tax…
Q: Shep Company's records show the following information for the current year: Beginning of End of year…
A: Calculation of Increase in Shareholders’ equity during the year Beginning of Year End…
Q: How much is classified as property, plant and equipment?
A: The following amount will be classified as Property, Plant and equipment Particulars Amount 1)…
Q: The following is a statement about a multiple-step income statement, EXCEPT A. There is a section…
A: Multiple step income statement as the name suggests shows the calculation of income in various steps…
Q: ABC corporation produces plastic bottles. Details of cost are given below: Standard unit quantity…
A: Materials price variance is the variance between standard cost of materials and actual cost of…
Q: What is Farewell's diluted earnings per share for 2021, rounded to the nearest cent? O $3.14. O…
A: Earning per shares is the measure used by the company to analyze the profitability of the business.…
Q: Exercise 3 -7 1. Martin and Isidore form a partnership with investments of P 1,000,000 and P 500,000…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Required: Identify book of prime entries. Prepare the specialized journal Prepare the subsidiary's…
A: Journal is Book of Prime entry because all business transactions are recorded first in Journal Book.…
Q: Which of the following is not one of the approaches for reporting accounting changes? The change…
A: accounting change is a change that takes place in the accounting principles, accounting estimate or…
Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…
A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…
Q: Required: i. Identify book of prime entries. Prepare the specialized journal Prepare the…
A: i)Journal is called a book of prime entry because all the business transactions are recorded first…
Q: Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic…
A: Here discuss about the details of gross and net salary which are incurred after the deduction which…
Q: Explain with examples, the 4 types of expropriatio for minority shareholders, namely:
A: Minority shareholders refer to those shareholders who own less than 50% of the total shares of a…
Q: Mr. A loved to go to horse racing. He bought a ticket amounting to P 500. Luckily, he won from the P…
A: Mr. A should received from the operator of horse racing will be winning amount.
Q: Dark Inc. paid P72,000 to renew the only insurance policy for three years on March 1, 2021, the…
A: Prepaid expense is the amount of expense that is paid before the due date or paid in advance.
Q: Compute the income tax due in 2021. A. 50,000 B. 800,000 C. 290,000 D. 400,000
A: The proprietary educational institutions are the entities that have issued permits based on the…
Q: Which is not a book reconciling items? A. Credit Memo B. NFS Checks C. Debit Memo D. Outstanding…
A: The bank reconciliation statement is prepared to to record and equate the book balance and bank…
Q: A company has the following data at the end of the current year: 200,000 207,000 $15,000 Number of…
A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…
Q: /Quiz FIN 204/E2 Financial Management I. Recognize revenue when it is fully earned. II. Match…
A: The accounting is a process to classification the transactions, record the transactions and prepare…
Q: CHAPTER 8 1. On a bank reconciliation, the amount of an unrecorded bank service charge should be: A.…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Below is a list of selected account balances at the end of the accounting period in 2019, but before…
A: Trial balance: It implies to a statement or worksheet that shows all the ledger postings in a…
Q: The amount of gain (loss) on sale and leaseback transaction is: Group of answer choices The…
A: Sales and lease back transaction refers to the transaction where an asset is sold by the seller to a…
Q: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…
A: Cash Remittance from branch to home Office is recorded by the Home office as Journal Entry will be…
Q: 3- Implementation of planned decisions and evaluating performance is classified as: a. Evaluation…
A: Planning is very important and initial step of business process. This shows what needs to be done,…
Q: Put this transaction on the accounting equation: Invested R500000 into capital as a fixed deposit
A: Accounting equation is one of the important part of accounting. Three main and important elements of…
Q: 3. Maricel borrows P 10 000 with interest at 15% compounded monthly. How much should she pay at the…
A: Given information P=P 10 000 t = 2 years and 6 months m = 12 Therefore, n =tm =12 * 2.5…
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3…
A: Under FIFO method the oldest products in inventory have been sold first.
Q: ABC Corporation, an international organization made the following calls: Calls from Manila to…
A: There are various types of taxes imposed by a government on the services rendered in a country. The…
Q: 2,032,000 1,890,000 1,440,000 180,000 80,000
A: . Outstanding Checks have been added because the entity has already credited Bank a/c in books but…
Q: Inventory and supply chain management concepts (7) What inventory model should we use to choose the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: how soluti
A: Earning per share = (Net Income - Preferred Dividends)Weighted Outstanding Shares Price Earning…
Q: A business registered as a barangay micro business enterprise received P400,000 in gross income from…
A: Barangay micro business enterprise received exemption for calculation of gross income.As per…
Q: Boxer Inc. reported inventory at the beginning of the current year of $360,000 and at the end of the…
A: Formula: Inventory turnover = Cost of goods sold / Average inventory Where, Average inventory =…
Q: Construct partial income statements, which start with EBIT, for the two firms.
A: Income statement is prepared by the business organizations so as to know how much amount of profit…
Q: Dex Corporation, part of banking industry but performing quasi - banking function had the following…
A: Banks and non-bank financial intermediaries performing quasi-banking functions Interest,…
Q: Whispering Winds Company has developed the following standard costs for its product for 2022:…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…
A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…
Q: An engineering study performed in 2021 indicated that on January 1, 2021, 7,500,000 tons of…
A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…
Q: Selected financial data for Amberjack Corporation follows. Year 1 ($ thousands) Year 2 ($ thousands)…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: purchases were completed during March March 2- Bought merchandising from Levi Company with a list…
A: Journal: It is the primary book of accounts where all the business transactions are recorded at…
Q: A taxable income always results when a. none of the choices. b. revenues exceed the cost of goods…
A: Taxable income is the value at which the tax is calculated by the company.It is calculated by…
Q: Ronwar Company has prepared a unit sales budget for the upcoming months of 2022 as follows: Months…
A: Budget means the expected value of future. Budget is not affected by the actual value as it is…
Q: Blossom Company reported the followinginformation for November and December 2022. November December…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
From the following statements which one is not the correct classification of accounting theory
Select one:
a. Inductive approach theory
b. Accounting structure theory
c. Decision usefulness theory
d. Interpretation theory
Step by step
Solved in 2 steps
- Answer the question below 1. Compare and contrast the view of accounting from the following three perspectives:a. Normativeb. Positivec. CriticalWhich of the following is most closely linked to accounting conservatism? a. Lower-of-cost-or-market rule b. Materiality concept c. Disclosure principle d. Consistency principleExamine the advantages and disadvantages of interpretative accounting theory.
- Evaluate the strengths and weaknesses of interpretive accounting theoryExplain the differences between a positive theory of accounting and a normative theory of accounting.Which of the following is a fundamental quality of useful accounting information? Select one: Comparability Consistency Relevance Materiality
- Which theory predict the facts but not assume any particular outcome? O a. Normative theory O b. Agency theory O C. Accounting Theory O d. Positive theoryWhich of the following is most closely linked to accounting conservatism? Lower-of-cost-or-market rule Materiality concept Disclosure principle Consistency principleWhy accounting is an infromation system? Explain with your own point of view with example.
- What are the different types of accounting theories, and how do they differ from each other? Discuss the strengths and weaknesses of each type of theory.Which of the following are considered secondary characteristics of accounting information? a. varifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutralityWhich of the following are considered secondary characteristics of accounting information? a. verifiability and feedback value b. predictive value and timeliness c. comparability and consistency d. representational faithfulness and neutrality