Which accounting convention describes a note to the financial statements explaining the company's method of revenue recognition?
a. Comparability and consistency
b. Materiality
c. Conservatism
d. Full disclosure
D
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You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The person training you at the bank, Jim Baker, uses a loan request received from Surfer Dude Supplies, a small
proprietorship. Marty Monroe, the owner, is requesting $75,000. Jim tells Marty that all they consider before making a decision on the loan request is an accurate set of financial statements. Do you think this an accurate statement on the loan request process? What other considerations or information likely are part of the decision-making process by the bank?
An advertisement in a trade magazine targeted toward veterinarians urges them to prescribe the drug Hepato for cats and dogs with damaged livers
This advertisement was placed by the product's manufacturer. This advertisement is an example of how manufacturers use a(n)__________strategy. Fill in the blanks with correct word.
[The following information applies to the questions displayed below.]On January 1, Year 1, Weller Company issued bonds with a $400,000 face value, a stated rate of interest of 10%, and a 10-year term to maturity. Weller uses the effective interest method to amortize bond discounts and premiums. The market rate of interest on the date of issuance was 8%. Interest is paid annually on December 31.Assuming Weller issued the bonds for $431,940, what is the carrying value of the bonds on the December 31, Year 3?
A. $420,615 B. $404,800 C. $426,495 D. $414,264
A ________ is responsible for determining the value of the home as part of the loan process
A) banker B) loan officer C) real estate appraiser D) real estate agent