Under the accrual basis, some accounts in the ledger require updating. Discuss the three main reasons for this updating and give an example of each
1. Some expenses are not recorded daily. For example the daily use of supplies would require many entries with small amounts. Also, managers usually do not need to know the amount of supplies on hand on a day-to-day basis.
2. Some revenues and expenses are incurred as time passes rather than as separate transactions. For example, rent received in advance (unearned rent) expires and becomes revenue with the passage of time. Likewise, prepaid insurance expires and becomes an expense with the passage of time.
3. Some revenues and expenses may be unrecorded. For example, a company may have provided services to customers that it has not billed or recorded at the end of the accounting period. Likewise, a company may not pay its employees until the next accounting period even though the employees have earned their wages in the current period.
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A true statement about the market controlled approach to health and safety is that in this approach:
A. this approach can support compensation to injured workers when it can be shown that employers were responsible for causing the harm. B. employers treat their employees disrespectfully by ignoring their inputs as stakeholders. C. the utilitarian concern for the consequences of an unsafe working environment on the social fabric is ignored. D. this approach assumes an equivalency between workplace risks and other types of risks when there are actually significant differences between them.
When training is long term and well conceptualized, what benefit does it provide to the organization?
a. ensures the organization stays in compliance with anti-discrimination laws b. reduces bias against members of out-groups c. increases employee engagement because everyone feels like they have been heard d. The organization gets a reputation of supporting employee development.
Which type of stockholders usually has the right to vote and elect the board of directors
A. a preferred stockholder B. a common stockholder C. a capital stockholder D. a perpetual stockholder E. a proxy stockholder
196A company had net sales of $1,540,500 in 2015 and $1,495,000 in 2016. Its average assets were $810,000 for 2015 and $800,000 for 2016. (1) Calculate the total asset turnover for each year. (2) Interpret and comment on the company's efficiency in the use of its assets.
What will be an ideal response?