It is legal and ethical to use one method of deprecia method on the company's financial statements.

Q: answer is incorrect, can someone double check?

A: Present value of bond = Present value of principal to be received at the maturity + Present value of…

Q: The like-kind exchange rules are elective. True or false

A: Like kind exchange is when money from selling one assets is invested in similar types of assets than…

Q: Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer.…

A: After the risk has been identified and assessed, the project team develops a risk mitigation plan,…

Q: What is a statement of circumstances?

A: The external auditor is expected to lodge a statement of circumstances at the company's registered…

Q: What is a reasonableness test?

A: Reasonableness tests is an analytical procedure used to examine the validity of the accounting…

Q: Part B is the incorrect answer

A: The LIFO method is defined as one of the important methods of inventory calculation in which the…

Q: The use of the word “prior” is a key indicator that information is nonrelevant to a current…

A: The use of the word "prior" is not a key indicator to know that information is non-relevant to a…

Q: The risk of incorrect rejection is associated with the use of negative confirmations. Question 32…

A: The given Statement is True....

Q: What is an estoppel? Why is it used?

A: Estoppel is the legal principle which is helpful for any future contradiction. It means that…

Q: What does an acknowledgment certify?

A: An acknowledgment is a formal declaration made by an individual to verify the genuineness and…

Q: Explain Charges and Liens?

A: The question is based on the concept of legal terms used to grant security against loan or debt.

Q: How can the owners be disclaimers?

A: A disclaimer is a term utilized to define or restrict the range of duties and rights enforceable in…

Q: How does compound interest differ from simple interest?

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

Q: Generally, we can group transactions into different types based upon the other party to the…

A: Transactions can be categorized into different types based on the parties involved in the…

Q: In what ways is this true or untrue?

A: Asset is anything which is owned and controlled by the entity which will provide the future economic…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: FASB is considered to be the primary beneficiary of the conceptual framework. Select one: True False

A: The Financial Accounting Standards Board (FASB) is a private, nonprofit organization that sets…

Q: What are fictitious assets?

A: Fictitious assets: Asset formed by an accounting entry (and included under assets in the balance…