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rusak2 [61]
2 years ago
5

Which of the following statements is correct? a. Changes in accounting principle are always handled in the current or prospectiv

e period. b. Prior statements should be restated for changes in accounting estimates. c. A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate. d. Correction of an error related to a prior period should be considered as an adjustment to current year net income.
Business
1 answer:
makkiz [27]2 years ago
8 0

Answer:

C. A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate.

Explanation:

The statement above describes or the other hand talks about expenditure and capitalization.

Therefore, expenditure is explained as either capitalized as a cost of the asset on the company’s balance sheet or it is expensed in the income statement of the incurred period.

Under IFRS, the following rules govern the categorization of the expenditure as an asset:

If the expenditure is expected to give economic benefits in future over several accounting periods.

If one can measure the cost reliably. Also, increases the assets on the company’s balance sheet.

Recorded on the cash flow statement as a cash outflow for investing.

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The two processes that must occur before moving forward to planning the project are:
barxatty [35]

Answer:

Two processes before moving forward to planning the project are:

d. Identify stakeholders and develop project charter.

a. Collect requirements and define scope

Explanation:

Project Planning is an important first step to executing a project to achieve desired objectives.  But, before the proper project planning is started, there are processes that make planning projects easier and smoother.  First, the stakeholders must be identified to enable the development of project charter.  A project charter describes a project,  identifies the objects, how the objectives and the project will be carried out, and the stakeholders.  Second, project requirements must be collected.  These help to define the scope of the project.

7 0
2 years ago
A​ 12-cylinder heavy-duty diesel engine will have a guaranteed residual value of​ $1,000 in five years. Today​ (year 0) the equi
zavuch27 [327]

Answer:

$650

Explanation:

Guaranteed Residual Value = FV = $1,000

Interest rate = r = 9% = 0.09

Number of years = n = 5 years

Using Following formula we can calculate today's worth of the engine.

Residual value after 5 years = Today's value x ( 1 + rate of interest )^number of years

FV = PV x ( 1 + r )^n

$1,000 = PV x ( 1 + 0.09 )^5

PV = $1,000 / ( 1.09 )^5

PV = $649.93

PV = $650 (rounded off to the nearest whole number)

5 0
2 years ago
Cedric, a brand manager, transferred from the united States to japan He dscovered that athough people in the Unted States highly
Firdavs [7]

Answer: collectivism

Complete Question:

Cedric, a brand manager, transferred from the united States to japan He discovered that although people in the United States highly valued individualism, people in Japan expect individuals to conform to group expectations. Cedric concluded that Japan places more of an emphasis on:

Explanation: Collectivism values the group over individuals belonging to the group. In cultures where collectivism is the norm, individuals tend to want to conform to the group expectations. Also, it is common for individuals in collectivist societies to define themselves as belonging to a group than as individuals so groups are a way of identifying themselves.  

While individualism values individuals's right and uniqueness, collectivism does not  but sees value in maintaining the cohesion in a group, which in turn promotes conformity.

6 0
2 years ago
"Access Apple’s 2017 10-K report, filed with the SEC on November 3, 2017, and find Note 10— Commitments and Contingencies. What
Alona [7]

Answer:

5.022 Million dollars

Explanation:

According to Apple 2017 financial report and looking at the consolidated balance sheets of the company, the warranty expenses of Apple was 5.022 millions. Other than this, Apple paid $4.401 Million as warranty claims.

These statistics are used by managerial accountants to inform all the stakeholders about the company cost and projections and warranty claim is one major head in it

8 0
2 years ago
An industrial plant needs to make 100,000 parts per month to meet demand. Each month contains 20 working days, each of which all
Ratling [72]

Answer:

Part A:

Workers Needed=20.833≅21

Part B:

Productivity of individual worker=2.0833 parts/hour

Part C:

Multifactor productivity=0.0832 Parts/$

Explanation:

Part A:

Total parts =100,000

Workers needed= Total parts/(Parts per hour* hours per shift*Total Shifts)

Worker\ needed=\frac{100000}{10\ Parts/hour*8\ hours/shift*60\ shifts/worker} \\Workers\ needed= 20.833

Workers needed=20.833≅21

Part B:

Productivity of individual worker:

Productivity\ of\ individual\ worker=\frac{100000}{100\ workers*8\ hours/shift*60\ shifts/worker} \\Productivity\ of\ individual\ worker=2.0833\ parts/hour

Part C:

Total cost of material= $10*100,000=$1,000,000

Capital Costl= $100,000

Total labor Cost=21\ workers*8\ hours/shift*60\ shifts/worker*\$10/hour

Total labor Cost=$100,800

Multifactor productivity=Total Parts/(Total cost of material+capital cost+Total labor Cost)

Multifactor\ productivity=\frac{100000}{\$1,000,000+\$100,000+\$100,800} \\ Multifactor\ productivity=0.08324\ Parts/\$

3 0
2 years ago
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