Answer:
$47.68
Explanation:
Calculation to determine stock price would you consider appropriate
Using this formula
Stock price=(Total sales/Shares of stock outstanding)*Benchmark PS
Let plug to determine
Stock price=($3,130,000/109,000) ×1.66
Stock price=28.72x 1.66
Stock price= $47.68
Therefore the stock price that you would
consider Appropriate is $47.68
E-Eyes Bank just issued some new preferred stock. The issue will pay a $9 annual dividend in perpetuity, beginning 6 years from now. If the market requires a 6 percent return on this investment, how much does a share of preferred stock cost today
Answer:
Explanation:
Calculation to determine future sales discounts
Using this formula
Value of Preferred Stock in year 5 =Annual Dividend/Required Rate
Let Plug in the formula
Value of Preferred Stock today =(6/6%)/(1+6%)^5
Value of Preferred Stock today =100/(1+6%)^5
=124.58
Bob agreed to tutor Lola in Spanish for two (2) hours and Lola agreed to pay $25.00 per hour for the tutoring services. Bob tutored Lola and she paid Bob $50.00. This means that the parties have been _____.
Answer: discharged by performance
Explanation:
When parties to a contract are discharged from their duties as per the contract, it means that they are no longer party to the agreement. When this is done by performance, it means that the discharge was done because both parties have fulfilled the demands of the contract.
Bob agreed to tutor Lola for two hours and Lola agreed to pay Bob $50 for that. Bob then tutored her for the two hours and was paid the amount. The parties have therefore fulfilled their obligations to each other and so the contract has been satisfied.
If the cost of production of Hula Hoops increases, what happens to the supply curve?
Answer:
Left shift
Explanation:
In simple words, If manufacturing costs rise, the distributor's expenses for each output threshold will rise as well. The supply curve must shift inwards that is to the left) if everything else remained constant, indicating the higher cost of manufacturing. At each quantity level, the provider will supply less.
Once a good or service nears the end of its product life cycle, the firm recognizes that Multiple Choice it is impossible to revert to an earlier stage of the model. it can return to an earlier stage through creative marketing. it will enjoy relatively high profits. marketing dollars spent now will provide little benefit.
Answer:
it can return to an earlier stage through creative marketing.
Explanation:
A product life cycle can be defined as the stages or phases that a particular product passes through, from the period it was introduced into the market to the period when it is eventually removed from the market.
Generally, there are four (4) stages in the product-life cycle;
1. Introduction.
2. Growth.
3. Maturity.
4. Decline.
A product that is at the decline stage is generally referred to as a failed product and wouldn't generate profit or much revenue for the manufacturer because it has little economic importance.
However, once a good or service nears the end of its product life cycle i.e it's at the decline stage, the business firm recognizes that it can return to an earlier stage where it offers satisfaction to the consumers and generate revenue, through creative marketing.
Marketing can be defined as the process of developing promotional techniques and sales strategies by a firm, so as to enhance the availability of goods and services to meet the needs of the end users or consumers through advertising and market research. Thus, it comprises of all the activities such as, identifying, anticipating set of medium and processes for creating, promoting, delivering, and exchanging goods and services that has value for customers. It typically, involves understanding customer needs, building and maintaining healthy relationships with them in order to scale up your business.
Risk is best thought of as the potential for variability in the investment’s outcomes. This means that if an investment has the potential to provide only one possible outcome or return, then it is , while if there is more than one possible return or result, then the asset should be considered . This is why securities sold by the U.S. Treasury have historically been considered to be the securities in the world; because except in the event of the failure of the U.S. government, any investor holding a Treasury security would receive the security’s face value upon its maturity.
Answer:
safe or risk free, risky, safest
Explanation:
In investment market, risk is defined as the potential for the variability in the outcomes of the investment. Thus it is meant that outcome or return of making an investment is safe and risk free if there is only one return or outcome. But if there are more than one possible return from the investment, then that investment is considered as risky. For this reason the securities sold by the United States' Treasury is considered to be the safest securities in the world as the investor will receive the face value of the security upon its maturity from the government.
Brett wants to sell throw blankets for the holiday season at a local flea market. Brett purchases the throws for $15 and sells them to his customers for $35. The rental space is fixed fee of $1,800 for the season. Assume there is no leftover value for unsold units. If he orders 220 and demand is 160, what is the payoff
Answer: $500
Explanation:
The payoff will be calculated thus:
Revenue = Unit demanded × Selling price = 160 × $35 = $5600
Expenses will be:
= Total purchase expense + Rent
= (220 × $15) + $1800
= $3300 + $1800
= $5100
Payoff will now be:
= Revenue - Expense.
= $5600 - $5100
= $500
Using the following year-end information for WorkFit calculate the acid-test ratio:
Cash 58110
Short-term investments 14000
Accounts receivable 58000
Inventory 270000
Supplies 5600
Accounts payable 108000
Wages payable 31,900
a. 0.77
b. 0.42
Answer:
0.97
Explanation:
The computation of the acid-test ratio is given below:
= Quick assets ÷ current liabilities
= (cash + short term investment + account receivable + supplies) ÷ (accounts payable + wages payable)
= ($58,110 + $14,000 + $58,000 + $5,600) ÷ ($108,000 + $31,900)
= $135,710 ÷ $139,900
= 0.97
Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, 20Y1, Smiley issued $1,400,000 of 4-year, 7% bonds at a market (effective) interest rate of 6%, receiving cash of $1,449,138. Interest is payable semiannually on April 1 and October 1.
Required:
A. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles.
1. Issuance of bonds on April 1.
2. First interest payment on October 1 and amortization of bond premium for six months, using the straight-line method. The bond premium amortization is combined with the semiannual interest payment. (Round to the nearest dollar.)
B. Explain why the company was able to issue the bonds for $20,811,010 rather than for the face amount of $20,000,000.
Answer:
A1.Apr.1
Dr Cash $1,449,138
Cr Premium on Bonds Payable $49,138
Cr Bonds Payable $1,400,000
A2. Oct. 1
Dr Interest Expense $24,431
Dr Premium on Bonds Payable $24,569
Cr Cash $49,000
B. The BONDS was paying HIGHER INTEREST RATE of 7% to the MARKET INTEREST RATE of 6%.
Explanation:
A1. Preparation of the journal entry to record Issuance of bonds on April 1Apr.1
Dr Cash $1,449,138
Cr Premium on Bonds Payable $49,138
($1,449,138-$1,400,000)
Cr Bonds Payable $1,400,000
(To record Issuance of bonds)
A2. Preparation of the journal entry to record First interest payment on October 1 and amortization of bond premium for six months, using the straight-line method.
Oct. 1
Dr Interest Expense $24,431
($49,000-$24,569)
Dr Premium on Bonds Payable $24,569
[($1,449,138-$1,400,000)4*2]
Cr Cash $49,000
( $1,400,000 x 7% x 6/12)
(To record First interest payment and amortization of bond premium )
B. Based on the information given the reason
WHY the company was able to issue the bonds for $20,811,010 RATHER THAN for the FACE AMOUNT of $20,000,000 was because the BONDS was paying HIGHER INTEREST RATE of 7% to the MARKET INTEREST RATE of 6%.
You want to buy a car and a local bank will lend you $18,500. The loan will be fully amortized over 5 years, and the nominal interest rate would be 4.65%, with interest paid monthly. What is the monthly loan payment
Answer:
$346.16
Explanation:
The monthly loan payment can be calculated using a Financial calculator as follows :
PV = $18,500
N = 5 x 12 = 60
I/YR = 4.65%
P/YR = 12
FV = $0
PMT = ??
The monthly loan payment (PMT) is calculated as $346.16
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300.
3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000.
4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200.
5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400.
12 Received check for amount due from Equinox Co. for sale on March 2.
14 Sold merchandise to customers who used American Express cards, $13,700. The cost of the goods sold was $8,350.
16 Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $16,000.
18 Issued credit memo for $4,800 to Targhee Co. for merchandise returned from sale on March 16. The cost of the merchandise returned was $2,900.
Record on page 11 of the journal
Mar. 19 Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point, 2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of the goods sold was $5,000.
26 Received check for amount due from Targhee Co. for sale on March 16 less credit memo of March 18.
28 Received check for amount due from Vista Co. for sale of March 19.
31 Received check for amount due from Empire Co. for sale of March 4.
31 Paid Fleetwood Delivery Service $5,600 for merchandise delivered during March to customers under shipping terms of FOB destination.
Apr. 3 Paid City Bank $940 for service fees for handling MasterCard and American Express sales during March.
15 Paid $6,544 to state sales tax division for taxes owed on sales.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
Chart of Accounts
CHART OF ACCOUNTS
Amsterdam Supply Co.
General Ledger
ASSETS
110 Cash
121 Accounts Receivable-Empire Co.
122 Accounts Receivable-Equinox Co.
123 Accounts Receivable-Targhee Co.
124 Accounts Receivable-Vista Co.
125 Notes Receivable
130 Inventory
131 Estimated Returns Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
216 Salaries Payable
218 Sales Tax Payable
219 Customer Refunds Payable
221 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Goods Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense
Journal
Shaded cells have feedback.
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles.
How does grading work?
PAGE 10
JOURNAL
ACCOUNTING EQUATION
Answer:
Accounts Receivable (Dr.) $18,900
Sales (Cr.) $18,900
Cost of good sold (Dr.) $13,300
Inventory (Cr.) $13,300
Cash (Dr.) $12,031
Sales (Cr.) $11,350
Sales tax payable (Cr.) $681
Cost of goods sold (Dr.) $7,000
Inventory (Cr.) $7,000
Accounts receivable (Dr.) $27,500
Sales (Cr.) $27,500
Cost of goods sold (Dr.) $16,000
Inventory (Cr.) $16,000
Cash (Dr.) $18,711
Cash discount (Dr.) $189
Accounts receivable (Cr.) $18,900
Explanation:
Cash discount is the discount given to customers who pay before the credit terms. This is available to those customers who buy goods on credit. This is recorded as expense.
Cash discount : $18,900 * 0.01 = $189
Jolene, a sales representative, was worried about her work-related productivity so she made a series of entries in her records to show that she had more sales than she actually did. This is known as _____.
a. defalcation.
b. fraudulent concealment.
c. false entries.
d. forgery.
e. pretexting.
Answer: False entries
Explanation:
False entries refers to the entries on the books of a company or a bank that is intentionally made as a form of deceit and false misinterpretation.
The intent of false entries is usually to defraud an organization. False entries is a punishable offence by law. Since Jolene recorded sales that was more than what she actually did, this is a false entry.
Entering records that shows that she had more sales than she actually did is called false entries.
What is false entries?This is the act of fraudulently entering data that does not actually exist on a record.
This is a fraudulent act that can cost her the job when discovered. It shows that she does not have respect for work ethics.
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Assume that the U.S. borrowing rate is 8% while the German is 10%. If Euros are borrowed by a U.S. firm for one year, they would have to _____ against the dollar by_____ to have the same effective financing rate as borrowing dollars. Group of answer choices Appreciate, 1.1818%. Appreciate, 1.8518%. Depreciate, 1.6363%. Depreciate, 1.8518%. Depreciate, 1.1818%.
Answer:
Depreciate 1.1818
Explanation:
U.S. has a borrowing rate of 8% and German has borrowing rate of 10%. If U.S. dollars are borrowed from firm then Euros will depreciate to match with the dollar borrowing.
[1 + 8% ] / [ 1 + 10%] - 1 = - 1.1818
A 30-year maturity bond with face value of $1,000 makes annual coupon payments and has a coupon rate of 8%. (Do not round intermediate calculations. Enter your answers as a percent rounded to 3 decimal places.)
Answer and Explanation:
a. The yield to maturity is
Given that
FV = $1000,
PV = -$900
PMT = 80 (8% of $1,000)
NPER = 30
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
after applying the formula, the rate is 8.97%
b. In the case when the bond is sold at par so this means that yield to maturity is equivalent to the coupon rate i.e. 8%
c. The yield to maturity is
Given that
FV = $1000,
PV = -$1100
PMT = 80 (8% of $1,000)
NPER = 30
The formula is
=RATE(NPER,PMT,-PV,FV,TYPE)
after applying the formula, the rate is 7.18%
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2020, Tamarisk's Goods and Ivanhoe Enterprises. Determine the missing amounts
Answer:
The solution according to the given query is provided below.
Explanation:
The given question seems to be incomplete. The attachment of the complete query is provided below.
Now,
The additional investment will be:
= [tex]Ending \ owner's \ equity-Beginning \ owner's \ equity+Drawings-Net \ income[/tex]
By putting the values, we get
= [tex]40000-25000+37000-45000[/tex]
= [tex]7,000[/tex]
Now,
The drawings will be:
= [tex]Ending \ owner's \ equity-Beginning \ owner's \ equity+Additional \ investment-Net \ income[/tex]
By putting the values, we get
= [tex]130000-80000-25000-40000[/tex]
= [tex]-15,000[/tex]
A multidomestic corporate-level strategy has ____ need for global integration and ____ need for local market responsiveness. Group of answer choices
Answer:
low; high
Explanation:
In the case of the multidomestic corporate level strategy there is less need for the integration that occurred globally and at the same time there is high requirement for the response made to local market
So as per the given situation, the blanks could be filled with the low and high options
ANd, the same is to be considered
Explain the term "marginal rate of technical substitution." (Assume a two-input production function.)
Answer:
La relación marginal técnica de sustitución (RMTS) expresa la proporción en que un factor productivo se puede sustituir por otro, manteniendo constante la producción total.
Esta relación técnica busca sistemáticamente obtener la cantidad de un factor de producción que hay que disminuir con el objetivo de aumentar en cierto nivel, otro factor productivo. En tal caso la curva de la producción se mantiene en la misma isocuanta de tal forma que tenemos: RMTS= Δ K / Δ L.
Explanation:
.
Wagon Department Store had net credit sales of $16,000,000 and cost of goods sold of $15,000,000 for the year. The average inventory for the year amounted to $2,000,000. Inventory turnover for the year is Group of answer choices 8 times. 15 times. 7.5 times. 5 times.
Answer:
The answer is "7.5 times"
Explanation:
Inventory turnover represents the rate where an enterprise sells or substitutes its inventory for a certain period. The stock revenue ratio is the cost of products sold, that are divided by the total equity for the same period.
The efficacy of an entrepreneur's turning stock into sales is evaluated. This ratio also demonstrates whether well the costs of the stock are handled, if the stock is too large or not.
[tex]\text{Inventory turnover ratio} = \frac{\text{Cost of goods sold}}{\text{Average Inventory}}[/tex]
[tex]= \frac{15000000}{2000000}\\\\= \frac{15}{2}\\\\ = 7.5\ times[/tex]
Fern invested $6400 into a continuously compounded account with an interest rate of 1.5%. After 10 years, how much is the account worth
Answer:
FV= $7,435.74
Explanation:
Giving the following information:
Initial investment= $6,400
Interest rate= 1.5%
Number of periods= 10 years
To calculate the value of the account in ten years, we need to use the following formula:
FV= PV*e^(i*n)
FV= 6,400*e^(0.015*10)
FV= $7,435.74
Two employees are suspended for three days for a fight that violated the Human Resource policies of the facility. This behavior would be
Answer:
workplace misbehavior
Explanation:
In simple words, Any deliberate employee activity that is theoretically detrimental to the company or people inside the organisation is referred to as workplace misbehavior. Such misbehavior might vary from pumping noisy audio just to upset employees to verbal hostility and job sabotage, many of which can cause chaos in any workplace.
This behavior is a kind of "Workplace misbehavior".
Such deliberate employee behavior, which may hurt the corporation or organizations as well as individuals inside the company, is termed Workplace misbehavior.These conducts could maximum range from music blasting to aggravate employees, psychological hostility, and sabotage, which in any business can lead to disaster.
Thus the above response is correct.
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What is the present value of the annual interest payments on a 10-year, $1,000 par value bond with a coupon rate of 10 percent paid annually, if the yield on similar bonds is 9 percent?
Answer: $641.77
Explanation:
First find the interest payments:
= Coupon rate * par value
= 10% * 1,000
= $100
The constant payment represents an annuity therefore the present value is that of an annuity.
Present value of an annuity = Annuity * Present value interest factor of annuity, 9% , 10 years
= 100 * 6.4177
= $641.77
Splish Brothers Inc. reported net income of $394000 for the year. During the year, accounts receivable increased by $29000, accounts payable decreased by $12000 and depreciation expense of $61000 was recorded. Net cash provided by operating activities for the year is
Answer:
$414000
Explanation:
Calculation to determine what Net cash provided by operating activities for the year is
Net income $394000
Less Receivable increased ($29000)
Less Accounts payable decreased ($12000)
Add depreciation expense $61000
Net Net cash provided by operating activities $414000
Therefore Net cash provided by operating activities for the year is $414000
What is the present value of $1,200 to be received at the end of each month for 5 years if the discount rate is 6%?
a. $62,071.b. $62,381.c. $63,095.d. $63,274.
Answer:
PV= $62,070.67 = $62,071
Explanation:
Giving the following information:
Monthly payment= $1,200
Number of months= 5*12* 60
Discount rate= 0.06/12= 0.005
To calculate the present value, we need to use the following formula:
PV= A*{(1/i) - 1/[i*(1 + i)^n]}
A= monthly payment
PV= 1,200*{(1/0.005) - 1 / [0.005*(1.005^60)]}
PV= $62,070.67
Down and Out Co. operates an executive placement service for corporate executives displaced by corporate restructuring. Its monthly total cost of cases is given by TC = 25 Q 1/2 + 2,500; the average cost at a caseload of 25 attempted placements per month is:
Answer:
The average cost at a caseload of 25 attempted placements per month is 105.
Explanation:
The total cost function given in the question first correctly stated as follows:
TC = 25Q^1/2 + 2,500 ................ (1)
A caseload of 25 attempted placements implies that:
Q = 25
Substitute Q = 25 into equation (1), we have:
TC = (25 * 25^(1/2)) + 2,500 = 2,625
The average cost (AC) can now be calculated as follows:
AC = TC / Q = 2,625 / 25 = 105
Therefore, the average cost at a caseload of 25 attempted placements per month is 105.
These selected condensed data are taken from a recent balance sheet of Sanson Company (in millions of dollars). Cash Accounts receivable Inventory Other current assets Total current liabilities $ 7.2 14.4 18.0 11.1 24.8 Additional information: Current liabilities at the beginning of the year were $35.6 million.
(a) What is the working capital? ____________
(b) What is the current ratio? _____________
Answer:
a. Working capital = Current Assets - Current Liabilities
Working capital = (Cash + Accounts receivable + Inventory + Other current assets) - Total current liabilities
Working capital = ($7.2 + $14.4 + $18.0 + $11.1) - $24.8
Working capital = $50.7 - $24.8
Working capital = $25.9
b. Current ratio = Current Assets / Current Liabilities
Current ratio = $50.7 / $24.8
Current ratio = 2.04 : 1
Assume the state of Alaska placed a tax on playing cards of 5 cents per pack. If the state generated $55500 in revenue, how many packs of cards were sold?
Answer:
The right solution is "1,110,000 units".
Explanation:
Given:
Tax revenue,
= $55500
Tax per good,
= 5 cents
As we know,
⇒ [tex]Tax \ revenue=Tax \ per \ good\times goods[/tex]
By substituting the values, we get
[tex]55500=0.05\times Q[/tex]
[tex]Q=\frac{55500}{0.05}[/tex]
[tex]=1,110,000 \ units[/tex]
Beginning work in process are 40,000 units and units started this period are 20,000 units. The total units to account for are:______.
Answer: 60,000
Explanation:
Since we are given the information that the beginning work in process are 40,000 units and units started this period are 20,000 units, then the total units to account for will be the addition of the beginning work in process and the units started this period. This will be:
= 40000 + 20000
= 60000
Therefore, the total units to account for is 60000.
The domestic demand (QD) for wheat in the United States is estimated to be
QDD = 1430 - 55P
where the quantity of wheat is measured in millions of bushels per year. Suppose China also demands U.S. wheat (QDC) and that its demand is given by
QDC = 2100 - 100P
What is the total demand for U.S. wheat, assuming the only two sources of demand are domestic and Chinese?
The total demand for U.S. wheat is:____.
A. QD = 3530 - 155P for all P.
B. QD = 1430 - 55P for all P.
C. QD = 3530 - 155P for P < or = to $26 and QD = 2100 - 100P for P > $26.
D. QD = 3530 - 155P for P < or = to $21 and QD = 2100 - 100P for P > $21.
E. QD = 3530 - 155P for P < or = to $21 and QD = 1430 - 55P for P > $21.
Answer:
E. QD = 3530 - 155P for P < or = to $21 and QD = 1430 - 55P for P > $21.
Explanation:
United States domestic demand function is QDD = 1430 - 55P
Demand for wheat in China is QDC = 2100 - 100P.
The total demand function for U.S. wheat will be given by function:
QD = 3530 - 155P
A fixed coupon bond with 10 years left until maturity and a coupon that is paid semi-annually is currently trading at a yield of 6%. If the price of the bond is $1,223.16, then the coupon rate is ____%. Par value is $1,000.
Answer:
9%
Explanation:
FV = 1000
No of compounding period = 2
No of years = 10
Nper = 20
Yield to maturity = 6%/2 = 3%
PV = 1223.16
Coupon payment = PMT(Rate, Nper, Pv, Fv)
Coupon payment = $45
Coupon rate = Coupon payment * Compounding per year / FV
Coupon rate = $45 * 2 / 1000
Coupon rate = 0.09
Coupon rate = 9%
Calculate the geometric average return earned by an investor over three years if she earned 6% in the first year of an investment, 12% in the second year and 10% in the third year.
Answer:
8.96%
Explanation:
[tex]\sqrt[\frac{1}{n} ]{x1. x2.x3...}[/tex] = geometric average return
n = number of observations
x1 = observations
(0.06 x 0.12 x 0.1)^(1/3) = 0.0896 = 8.96%
Description Term or Phrase 1. An assessment of whether financial statements follow GAAP. 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States. 4. Accounting professionals who provide services to many clients. 5. Principles that determine whether an action is right or wrong.
Answer: See explanation
Explanation:
1. An assessment of whether financial statements follow GAAP. = Audit
2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. = Net income
3. A group that sets accounting principles in the United States. = Financial Accounting Standard Board (FASB)
4. Accounting professionals who provide services to many clients. = Public accountant
5. Principles that determine whether an action is right or wrong.= Ethics
An assessment of whether financial statements follow GAAP: This is known as an "audit" or "financial statement audit." It involves an examination of financial statements to ensure that they have been prepared in accordance with Generally Accepted Accounting Principles (GAAP), which are the standard accounting principles and guidelines used in the United States.
What are the responses to other questions?2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues: This is referred to as "profit" or "net income." It represents the remaining funds after deducting all expenses, including operating costs, taxes, interest, and other relevant expenditures, from the total revenues generated by the business.
3. A group that sets accounting principles in the United States: This group is called the "Financial Accounting Standards Board" (FASB). FASB is an independent, private-sector organization responsible for establishing and improving accounting standards in the United States. Their goal is to ensure transparency and consistency in financial reporting.
4. Accounting professionals who provide services to many clients: These professionals are known as "public accountants" or "certified public accountants" (CPAs). They offer accounting and financial services to various clients, including individuals, businesses, nonprofit organizations, and government entities. CPAs are typically licensed and regulated by state boards of accountancy.
5. Principles that determine whether an action is right or wrong: These are referred to as "ethical principles" or "ethical standards." They provide guidance on what is considered morally right or wrong in the context of accounting and business practices. Ethical principles in accounting include integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. They serve as a framework for accountants to maintain ethical conduct and make informed decisions.
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