The four most important accounting conventions are materiality,
full disclosure, prudence and consistency. What are the limitations
of each of materiality, full disclosure, prudence and
consistency?
Answers
The limitations of four most important accounting conventions materiality, full disclosure, prudence and consistency are as follows:
1. Materiality limitation: The concept of materiality is subjective, so it can vary from one person to another. Materiality can be manipulated by management to hide important information from stakeholders.
2. Full disclosure limitation: Full disclosure can be expensive for companies to implement, as it requires extensive reporting and documentation. Full disclosure can lead to information overload for stakeholders, making it difficult for them to extract relevant information.
3.Prudence limitation:
Prudence can be subjective, leading to inconsistencies in its application across different companies and industries. The use of prudence can lead to understated profits.
4.Consistency limitation:
The requirement for consistency can stifle innovation and change within a company's accounting practices. Consistency can lead to the perpetuation of outdated accounting methods.
1.This can lead to inconsistencies in financial reporting and decision-making. Additionally, materiality can be manipulated by management to hide important information from stakeholders, which can lead to fraudulent activity and misrepresentation of a company's financial health.
2.The limitation of full disclosure convention in accounting is that it can be expensive for companies to implement. It requires extensive reporting and documentation, which can be time-consuming and costly. It can turn out to be particularly challenging for small businesses or those with limited resources.
3.The limitation of prudence convention in accounting is that it can lead to overly conservative financial statements. This means that a company may report lower profits or higher losses than what they actually have, which may not accurately reflect the financial health of the company. This can be detrimental to the company's stakeholders, such as investors or creditors, who may make decisions based on these financial statements.
4. limitation point for consistency convention in accounting, the requirement for consistency can stifle innovation and change within a company's accounting practices. This means that if a company is required to maintain consistency in its accounting practices, it may not be able to adopt new or innovative methods that could better reflect its financial position
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Related Questions
Advantages of flow production
Answers
Answer:
Flow production is capital intensive. This means it uses a high proportion of machinery in relation to workers, as is the case on an assembly line. The advantage of this is that a high number of products can roll off assembly lines at very low cost.
Explanation:
identify ten entrepreneur and classify them under the types of entrepreneur
Answers
Answer: There are only five types of entrepenuer...
1. Skeptical entreprenuer: Sees the success of others and questions it.
2. Copycat entreprenuer: Sees the success of others and copys them exactly.
3. Research entrepreneur: They research every possible scenario and outcome for strategies to start or grow a business...
4. The determined entrepreneur: - hasn't made it yet- but will.
5. The accolmplished entrepreneur: Has gone through all types of entrepreneur and has built success from it.
Explanation: Hope this helps!
If you are interviewed by more than one person, you should send a thank-you note to _____.
each person in the interview
each person you see in the building
the first person you are introduced to
the person who is obviously leading the interview
Answers
Answer:
option A is correct.
i.e.
each person in the interview.
Explanation:
Because thank-you letter provides a simple but effective way to express gratitude to all the individuals you met with.
1. what is the difference between private and governmental not-for-profit organization and who oversees the accounting requirements for each type of organization?
Answers
The degree of public participation is the difference between a private and a governmental not-for-profit organization. The Financial Accounting Standards Board oversees the accounting requirements for each type of organization.
What is the definition of a not-for-profit organization?Organizations that are not for profit do not generate income for their owners. A not-for-profit organization uses all of the money it makes or receives in donations to further its goals and maintain its operations. Members, directors or officers do not receive any of the money.What is the Financial Accounting Standards Board?The Financial Accounting Standards Board is a private organization that develops standards with the goal of establishing and enhancing Generally Accepted Accounting Principles in the United States for the benefit of the general public.
The degree of public participation is the difference between a private and a governmental not-for-profit organization. The Financial Accounting Standards Board oversees the accounting requirements for each type of organization.
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explain internal economics and internal diseconomics
Answers
Answer:
These are the cost advantage that an organization obtains due to their scales of operation . Diseconomies are the cost disadvantages that firms build up due to an increase in firm size or output . This result in the production of goods and services at increased per unit costs . Economics of scale leads to cost reduction .
Explanation:
Thaats what upp
Answer:
These occur when mass producing a good results in lower average cost. Economies of scale occur within an firm (internal) or within an industry (external). Internal Economies of Scale - As a business grows in scale, its costs will fall due to internal economies of scale.
Explanation:
An economic situation is in equilibrium when no individual would be better off doing something different. This is
Answers
A situation of equilibrium in economics occurs when there is no incentive for a single person to change anything. Equilibrium in economics refers to a situation where supply equals demand, indicating that the market is operating at its optimal level without any surplus or shortage.
The market is said to be in equilibrium when no individual or group of individuals could benefit from behaving differently. As a result, no further changes are necessary since the system is stable. An economic equilibrium occurs when the demand for a product equals the supply. When the price is such that the quantity of goods produced is equal to the quantity demanded, this happens.
If the price is too low, there will be more demand than supply, resulting in a shortage. If the price is too high, there will be more supply than demand, resulting in a surplus.The production of goods and services is controlled by market demand in a free market economy. Producers will make more goods and services to sell if demand is high. Producers, on the other hand, will make fewer goods and services if demand is low. When the quantity of goods produced equals the quantity demanded, the market is in equilibrium. This is the point at which all consumers and producers are content with their current situation, with no one needing to change anything. This implies that in equilibrium, there is no waste of resources and that supply and demand are in equilibrium. Thus, equilibrium in economics refers to a situation where supply equals demand, indicating that the market is operating at its optimal level without any surplus or shortage.
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each employee at caras construction earns $251 net and $316 gross per day. caras is accruing vacation pay for 16 employees for the last two days of march; therefore, the journal entry includes a:
Answers
The journal entry for accruing pay for 16 employees for the last two days of March would typically include a debit and a credit. Debit: Vacation Pay Expense - $251 * 16 employees * 2 days = $8,032 Credit: Vacation Pay Liability - $316 * 16 employees * 2 days = $10,112
The debit entry to "Vacation Pay Expense" represents the expense Caras Construction incurs for the vacation pay of its employees. The amount is calculated by multiplying the net daily rate of $251 by the number of employees (16) and the number of vacation days (2). The credit entry to "Vacation Pay Liability" represents the liability Caras Construction owes to its employees for the accrued vacation pay. The amount is calculated by multiplying the gross daily rate of $316 by the number of employees (16) and the number of vacation days (2). the specific accounts and amounts may vary depending on the company's accounting policies and chart of accounts. It's always recommended to consult with an accountant or financial professional for accurate and specific journal entries.
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Factory workers in Russia's 1917 industrial economy embraced the ______ concepts in order to improve their lives. command economy.
Answers
Click this link to view O'NET's Work Activities section for Construction Managers. Note that common activities are
listed toward the top, and less common activities are listed toward the bottom. According to O*NET, what are
common work activities performed by Construction Managers? Check all that apply.
using muscles to lift, push, pull, or carry objects
communicating with supervisors, peers, or subordinates
using speed of limb movement to move arms and legs
scheduling work and activities
exerting oneself physically over long periods of time
making decisions and solving problems
Answers
Answer:
B,D,F
Explanation:
Answer:
ok bdf is correct
Explanation:
You are planning a store on a large lot. Your budget only allows for 800 linear feet of walls. What is the maximum square
footage of your store?
Answer: 40,000 sq/ft
Answers
Answer:
The correct solution is "40,000 sq/ft".
Explanation:
The given value is:
Feet of walls
= 800 ft
Sides,
= 4
Now,
The square store will be:
= \(\frac{800}{4}\)
= \(400 \ ft\)
The max footage of square will be:
= \(400\times 100\)
= \(40,000 \ sq/ft\)
1) Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. 2) A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables? 3) What would be another example of a "system" in the real world that could serve as a metaphor for micro and macroeconomics? 4) Why do you think that most modern countries’ economies are a mix of command and market types? 5) What are the similarities between a consumer’s budget constraint a
Answers
inez works on an assembly line in a candy manufacturer that produces limited quantities of chocolates with a variety of fillings. inez and the others on her line switch the type of candy produced up to three times per shift. this describes a(n)
Answers
Inez works on an assembly line in a candy manufacturer that produces limited quantities of chocolates with a variety of fillings. Inez and the others on her line switch the type of candy produced up to three times per shift. This describes a(n) Multiple Choice continuous process.
A continuous process is one in which the final product is produced continuously rather than in batches. instead of using batch, intermittent, or sequential processes, a continuous process operates on the principle of continuous flow.
Each device performs a particular processing task while operating in a single stable state. Production of pasta, tomato sauce and juice, ice cream, mayonnaise, and other foods are a few instances of continuous processes.
The constant increase of knowledge and skill sets is referred to as a continuous process. Continuous Process in the workplace, which is frequently employed in the context of professional growth, is about acquiring new abilities and knowledge while simultaneously consolidating what has already been gained.
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-WILL GIVE BRAINLIEST-
How can a person harness the power of pre-commitment, for example, with their tax return?
Answers
Answer:
You would have to commit to your future self about tax returns.
Explanation:
People projected that adopting a commitment device, which allows them to commit to saving before receiving their tax refund, would boost savings.
What is tax refund meaning?A tax refund is a payment issued to taxpayers who have overpaid their taxes due to employers withholding too much from their salaries.
According to the US Treasury, over three-quarters of taxpayers have too much money withheld, resulting in tax refunds.
Thus, people are more like to make long term judgement.
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A ___________ is when an employer provides employees with a percentage of the net income earned during the year.
Answers
Answer:bonus plan
Explanation:Many companies offer bonuses to employees, and many of the bonuses depend on net income. Assume that an employer gives a bonus to its employees based on the company’s annual net income (to be equally shared by all).
2. Sally's favorite department store is offering an incredible deal this week on their store
credit card. The deal states that if she spends $100, she gets $50 off her first bill. She
does have some money saved up to spend in her checking account. This store is also
having one of their biggest sales of the year. Should she open up a department store credit
card? What additional information would be important to know to make a more informed
decision?
Answers
Yes Sally has to open the the department store credit.
The additional information that Sally would have to know in order to make the informed decision would be:
The rate of interestThe durability of cardWhat is meant by store credit?When a client returns items that cannot be swapped, a business typically offers a shop credit. When a customer returns an item that is not qualified for a refund, the retailer will provide the customer a shop credit. It can be used to purchase additional items in the store.
A more limited form of reimbursement is store credit. The customer is given credit for the value of the returned good or service to be used on future purchases from the same company. Though it doesn't have to be done one-to-one, this is comparable to a goods exchange.
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Which step of the legislative process is missing?
with answers in screenshot
Answers
What are the advantages and disadvantages of the three primary business writing formats?
Answers
Answer and Explanation:
The business writing formats benefits and disadvantages of the three primary business writing formats are described below:-
A memorandum is a formal define that it is the way of communication that enables corporations to connect with their workers. This is typically used to distribute updates or issues.
Memos are highly increasingly being replaced by e-mail, so sending a memo is more difficult and costly. Therefore, a Business Letter is a structured communication method that's best used to connect with clients.
It generally takes more time to write and format a business letter than to write an email or memo.
As we know that an Email is easy to send and priceless, and make enable to send message to many people at a time also Many unwritten e-mails etiquette rules and can be too casual for many business purposes.
Business writing formats includes the use of memorandum, email business letters etc. The advantages and disadvantages of the three primary business writing formats are:
A Memorandum: (Advantages)
This is simply a formal, internal communication tool which allows companies to communicate with their employees. It is known to be used to deliver announcements or problems.Disadvantages
Memos are said to be rapidly been replaced by e-mail due to the fact that it is more complicated and expensive to deliver a memo.Business letters (Advantages)
A Business Letter is simply known as a formal communication tool which is utilized for communicating with customers.Disadvantages
Writing and formatting a business letter often takes more time than composing a memo or e-mail.Emails (Advantages)
E-mail is quick, easy and cheap, and allows you to send messages instantly to any number of people.Disadvantages
E-mail has too much unwritten rules to follow (etiquette) and it is too informal for many business purposes.Learn more from
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___________________ is one of the primary mechanisms that we use to understand the natural world around us. Starting as infants we begin to recognize the difference between categories like food, toys, pets, and people. As we mature, we learn to divide these general categories or classes into subcategories like siblings and parents, vegetables and dessert.
Answers
Categorization is one of the primary mechanisms that we use to understand the natural world around us.
From a very young age, we begin to recognize and differentiate between different categories such as food, toys, pets, and people. As we grow and develop, we learn to further divide and categorize these general classes into subcategories like siblings and parents, vegetables and desserts. This process of categorization allows us to organize information efficiently, make predictions about the world, and make sense of complex information. It is a fundamental cognitive process that helps us navigate and understand our environment, and plays an important role in many aspects of our daily lives.
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A discount sale is also called a(n) _________________________. This is a reward for buying something now rather then later
Answers
An incentive is a discount that rewards the buyer for an immediate purchase rather than a future transaction.
What are other types of incentives?Other examples of sales Incentives are:
BonusesCommissionCouponsDiscountsBuy One Get One FreeIncentives are used to encourage customers to buy more, stay loyal, and help the business win more customers through word of mouth marketing.
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Bonnie claims single with 2 federal withholding allowances, and contributes state tax of 20% of her federal tax. Below is a copy of Bonnie's biweekly statement of earnings. Bonnie knows that her gross earnings and federal tax are correct, but she thinks that her net pay is not correct. Using the fact that Social Security is 6.2% and Medicare is 1.45% of gross pay, explain why the given net pay is not correct. Determine how the error can be corrected, and what the net pay should be.
Answers
Answer:
The given net pay is not correct because Medicare is not 1.45% of her gross pay. The Medicare should be $11.02, making the correct net pay $641.86.
Answer:
The amount of Medicare tax has been calculated incorrectly. The Medicare tax should be $11.02, not $110.20. The actual net pay should be $641.86.
Explanation:
From Ed. :)
Which of the following defines the objectives of a project?
A) something that is required or in demand
B) targets and destinations for the project
C) statements of what the project will accomplish
D) all of the activities necessary for the project
Answers
statements of what the project will accomplish
Answer: D. all of the activities necessary for the project
Explanation: boss baby approved
The shelf life of milk is 7 days. You have 22 gallons on hand. You normally sell 4 gallons each day. Do you expect to have to throw out any milk?
Answers
Explanation: You will throw away no gallons of milk because if you sell 4 gallons every day then 7 times 4 equals 28 so you will only work for 5 an a half days.
Answer:
B
Explanation:
you are in an car crash
The word is CAR.................
WHERE ARE YOU?
WHERE IS THE CAR LOCATED?
WHAT COLOR IS?
WHO IS WITH YOU?
HOW DID YOU ARRIVE AT YOUR DESTINATION?
WHERE WERE YOU TRYING TO GO?
ARE YOU INJURED?
IS ANYONE ELSE INJURED?
HOW ARE YOU FEELING?
IS IT DAYTIME OR NIGHT TIME?
DOES THE CAR BELONG TO YOU?
HAVE THE POLICE BEEN CALLED?
ANY CHILDREN OR PARENTS AROUND?
HOW ARE THEY REACTING?
Answers
Answer:
ayudaaaáaaaaaaaaaaaaaaaaaaaaaaaaaa
Discuss the rationale of organizing an industrial strike in resolving employees dispute with the state, focusing on the detrimental effects strikes has on various stakeholders in an economy
Answers
Answer:
Strike action occurs when a group of
people or union suspend their working activities in order to make their displeasure known about certain factors which may include their working conditions. Strikes help in making sure there are changes and adjustments most of the time.
The workers on strike halt all types of production which leads to very little or no productivity at that moment in time. This translates to loss/debt being accrued as long as the strike is still ongoing.
( 45 POINTS) The receiving process is one that involves multiple steps and is a highly important part of the distribution channel. If errors are made here, it can disrupt the rest of the channel.
True
Neither true or false
False
Answers
Answer:
True
Explanation:
Hope It Helps
Which industry is the second-largest employer of teens
and young people?
What percentage of employed teens are employed by
the government?
I got it
is retail trade
and 7%
Answers
Answer:
I. Retail industry
ii. 7%
Explanation:
Retail industry is the second largest employers of teen and young people next to health sector which is the largest employer.
Retailing involves buying goods either from the producers or wholesaler and selling them to the final consumers. Some services are also offered in these retailing such as call center representative, those who work in innovation lab. etc
In the United States, about 7% of teens and young people are in the employment of government , while retail industry is the largest employer of teen and young people because it provides flexibility and also do not involve much academic qualifications.
Example of these retail jobs are those who work in call center, sales representatives and those who works in stores.
Answer:
Retail Trade
7%
Explanation:
Edge 2020
4.
Contrast the relationship that exists between entrepreneurs and investors in a business
enterprise.
Answers
Answer:
see below
Explanation:
1. An entrepreneur is the business founder. He or she conceives the business ideas and focuses on growing it. An investor considers existing business formed by the entrepreneur and focuses on its financial/commercial side.
2. The entrepreneur approaches an investor to finance the business. He draws a business plan and proposals to assure the investor of its viability. The investor approaches an entrepreneur if he is convinced of profits.
3. The entrepreneur manages the business but may also invest in it. An investor only puts money in the business but is not involved in managing it.
All of the following are true for those who are not responsible with credit EXCEPT which one?
A: They have a higher balance that is carried over month to month
B: They charge fewer items or make the full payment each month
C: They charge more items, even if they cant pay the entire amount
D: They end up paying more in interest fees
Answers
All of the following are true for those who are not responsible with credit EXCEPT They charge fewer items or make the full payment each month.
What is meant by credit?This is the term that is used to refer to the fact that a person is able to get a way of paying for the goods and services that they make use of through the use of credit card that is issued to them by a credit facility.
The issue here is that the people that have a bad credit would have to be paying more in fees at the end of the day because it would keep piling. They would also have greater credit balance that they are to pay as well.
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20 POINTS FOR THE ANSWER
Choose a specific technological advancement from the list presented. Once you have chosen, research its impact on the evolution of media in relation to design. Make sure to cite your sources too!
Possible choices:
Johannes Gutenberg and the printing press
Pi Sheng and movable type
Saul Bass and movie credit design
Paul Rand and corporate identity systems
Digital printing
Digital photographic editing
Linotype typesetting machine
Answers
Digital printing is best used for items that require high amounts of detail and smaller quantity orders. Unlike conventional printing, there are no pre-press stages between the digital document files and the final product; there is also no need for messy formatting equipment like film plates or photo chemicals.
What is the evolution of printing?The printing is credited as the earliest form and was first developed in China around 200AD. As the name suggests, it involves carving a design into a block of wood. Once the wood is carved, the raised part is then inked and paper is placed on top.
It's been 20 years since Israeli Benny Landa revolutionized the printing industry with the advent of digital printing, and industry watchers say the inventor may have repeated the feat with a new product unveiled.
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Which of the below titles are related to employees in a KM team? A) Chief Operating Officer; Knowledge Manager B) Marketing Director; Information Architect C) Chief Knowledge Officer; Content Editor D
Answers
Chief Operating Officer; Knowledge Manager is the title that re related to employees in a KM team. Therefore the correct option is option A.
The daily administrative and operational tasks of a company are managed by the chief operating officer (COO), a senior executive. The chief operating officer (COO), who is regarded as second in the chain of command, often reports directly to the chief executive officer (CEO). In some businesses, the COO is also referred to as the "chief operations officer," "executive vice president of operations," or "operations director." Depending on the CEO's preferences, the COO frequently manages an organization's internal affairs while the CEO serves as the company's public face and thus manages all external.
Therefore the correct option is option A.
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