Answer:
The correct answer is letter "A": reporting inventory at the lower of cost or market.
Explanation:
Accounting Conservatism is a doctrine that involves the implementation of accounting laws with a high degree of verification. Accountants practicing conservatism must support approaches that are the most favorable in the company's income statement. If the accountant has two choices to choose from when faced with an accounting problem, the one that produces lower numbers should be chosen.
<em>When it comes to inventory valuation, accounting conservatism states that the lower historical or market cost must be selected while recording the information in the company's ledgers.</em>
Answer and Explanation:
The two adjusting entries are as follows:
On May 31
Rent expense ($1,200,000 ÷ 5 months) $240,000
To Prepaid rent $240,000
(Being rent expense is recorded)
Here the rent expense is debited as it increased the expenses and credited the prepaid rent as it decreased the assets
On May 31
Unearned rent revenue Dr $148,800
To Ticket revenue $148,800
(Being unearned revenue is recorded)
Here the unearned rent revenue is debited as it decreased the liability and credited the ticket revenue as it increased the revenue
Answer:
se the PACED decision-making process to make the decision for Brent. Show your work
Explanation:
Answer:
Strong culture
Explanation:
A strong culture can be described as the various values, practices and techniques that greatly effects the employees behaviour.
The presence of a strong culture in an organization enables the employees and management to know what is expected of them to maintain the smooth running of the organisation.
Nordstorm employees know what is expected of them in the company, they know what procedures to follow at each time to ensure that the business moves in the right direction.
I think I must first get the marginal cost of the product before i bought if it is worth it to its value, Then i would compute for the marginal benefit to know what would i gain in this product. Lastly I would compare both the marginal cost and marginal percentage if the cost is lower than the benefit then the product is worth it to buy.
