Economic entity-necessary for accountants

Assignment Help Accounting Basics
Reference no: EM13120307

Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?

Reference no: EM13120307

Questions Cloud

Is lifo more effective in keeping value of inventory lower : Based on the following results, is LIFO more effective in keeping the value of his inventory lower? Product FIFO LIFO. What is the null hypothesis?
What is the partial pressure of krypton : Three gases, hydrogen, helium, and krypton are confined in a 10.0 L vessel at a pressure of 6.00 atm. The vessel contains 4.00 moles of hydrogen, 3.00 moles of helium, and 5.00 moles of krypton.
What are the companys marginal and average tax rates : The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000, and (4) income taxes. What are the firm..
Question on expressions : Car X used k gallons of gas while traveling p miles, and car Y used s gallons of gas while traveling r miles. What was the ratio of the number of miles per gallon for car X to the number of miles per gallon for the car Y?
Economic entity-necessary for accountants : Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?
Illustrate what force should the second crewman pull : illustrate what force should the second crewman pull so that the net force of the two crewman is in the forward direction?
Twenty scientists are seeking financial support : Twenty scientists are seeking financial support from the National Science Foundation . Find the number of ways in which the NSF panel can select four of the twenty submitted proposals ranking
Writing quadratic equations : Write three quadratic equations within a, b, c (coefficients of x^2, x and the constant as 1 integers, 2 rational, 3 irrational numbers).
Find probability that three cartons contain unbroken eggs : Suppose the probability that a carton of eggs will contain at least one broken egg is 1/3. use a simulation of 20 trials to find the probability that the next three cartons will contain only unbroken eggs.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting for income taxes

In AT&Ts 2000 annual report, the company reported long-term deferred tax assets of $4,523,000,000 and current deferred tax assets of $1,791,000,000. What might contribute to AT&Ts need to record a valuation allowance?

  Determine the budgeted manufacturing overhead rate

a. Determine the budgeted manufacturing overhead rate for each department.  b. Prepare the necessary journal entries to summarize the March transactions for Department 100.  c. What is the total cost of Job A?

  Journal entries for business-bad debts

On January 1, 2003, Marina Clothing Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $4,700. Marina Clothing Company prepares financial statements annually. During the year the following selected transactions occur..

  Determining demand and production strategy

Management at Davis Corporation has determined the following demand schedule in units. Prepare a production plan with the chase strategy, relying only on hires and layoffs.

  Unit selling prices and unit costs

The production department has met all production requirements for the current month and has an opportunity to produce additional units of product with its excess capacity. Unit selling prices and unit costs for three different drill models are as ..

  Tax consequences of incorporation

Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.

  Find the cumulative effect of accounting change

The change will result in a $1,800,000 increase in the start inventory at January 1, 2013. Consider a 40% income tax rate. Find the cumulative effect of this accounting change on beginning retained earnings

  Calculate the present worth of future cash flow

How long will this product be profitable?  All the above estimates are in constant value dollars so that inflation has been accounted for.  If the interest rate is 12%, what is the PW of this product?

  Materials and labour budget revisions

Discuss each request below for a budget revision, putting what you see as both sides of the argument and reach a conclusion as to whether a budget revision should be allowed.

  Question regarding consolidated net income

What is consolidated net income for this year prior to reduction for the noncontrolling interest's share of the subsidiary's net income?

  Information about risk aversion

Risk aversion implies which some securities will go unpurchased in market even if a large risk premium is paid to investors.

  Question on rate of return

The ABC Co. has no debt in its capital structure, a beta of 0.8, and raises all funds through sale of common stock. The current market rate for similar stock is 14% and the risk-free rate is 6%.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd