Which of the following is a financial reporting model that features the presence of a strong accounting profession?
a. The Anglo-Saxon model
b. The continental model
c. The ASEAN model
d. The international model
ANSWER: A
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On January 1, 2014, the Accounts Receivable and the Allowance for Uncollectible Accounts for Darius Company carried balances of $20,000 and $550 respectively. During the year, the company reported $70,000 of credit sales. There were $400 of receivables written off as uncollectible in 2014 . Cash collections of receivables amounted to $74,700 . The company estimates that it will be unable to
collect 5% of the year-end accounts receivable balance. The net realizable value of receivables appearing on the 2014 balance sheet will amount to: a. $14,105 b. $14,155 c. $14,900 d. $15,450
Firms recognize revenue
a. when they have completed an earnings process or performed most or all of their obligations to customers, usually the delivery of a product or service. b. when they have received cash or a receivable capable of sufficiently reliable measurement. c. using the percentage-of-completion method when the firms sell products under long-term contracts, such as construction companies. d. using the completed contract method [U.S. GAAP, only] when firms cannot reasonably estimate revenues and costs. e. all of the above
One of the girls on the softball team is moving to New York
What will be an ideal response?
What is defined as ‘individuals being able to have some control and autonomy over where, when and how they work’ (Jones 2007)?
a. well-being b. work–life balance c. flexible working d. none of these