Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 30, 2024

The use of the historical cost principle is justified because the resulting information has the qualitative characteristics of neutrality and materiality neutrality and verifiability timeliness

The use of the historical cost principle is justified because the resulting information has the qualitative characteristics of

neutrality and materiality

neutrality and verifiability

timeliness and relevance

verifiability and predictive value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Process Modeling Simulation And Design

Authors: Manuel Laguna, Johan Marklund

3rd Edition

1138061735, 978-1138061736

More Books

Students also viewed these Accounting questions

Question

★★★★★

A survey of 800 recent degree recipients found that 155 received associate degrees; 450, bachelor degrees; 20, first professional degrees; 160, master degrees; and 15, doctorates. Is there sufficient...

Answered: 1 week ago

Question

★★★★★

11. The trial balance shows Supplies $0 and Supplies Expense (SO $1,500. If $800 of supplies are on hand at the end of the period, the adjusting entry is: a. Debit Supplies $800 and credit Supplies...

Answered: 1 week ago

Question

★★★★★

2.17 An Archeological Find An article in Archaeometry involved an analysis of 26 samples of Romano-British pottery found at four different

Answered: 1 week ago

Question

★★★★★

MFG Company experiences the following cost behavior patterns each week: Fixed costs: supervisor's salary $1,000; factory rent $2,500 Mixed costs: utilities $1,500 + $5.25 per unit Variable costs per...

Answered: 1 week ago

Question

★★★★★

Happy Feet Inc. manufactures and sells three types of shoes. The income statements prepared under the absorption costing method for the three shoes are as follows: Happy Feet Inc. Product Income...

Answered: 1 week ago

Question

★★★★★

PLEASE CALCULATE YELLOW PARTS Item Description Office/Shop Space 2000 sqft @ 341 Gallatin Park Drive, Bozeman MT Crew Truck 2012 Ford F-250 Super Duty Concrete Forms Reusable Concrete Forms, 1000 LF...

Answered: 1 week ago

Question

★★★★★

Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending...

Answered: 1 week ago

Question

★★★★★

Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: Claimjumper Makeover $ 96,000 $ 48,000...

Answered: 1 week ago

Question

★★★★★

Franks Hot Dogs is a customer of your company and purchases hot dog buns from you. They have multiple restaurant locations that they want you to deliver the hot dog buns to, but they want all of the...

Answered: 1 week ago

Question

★★★★★

Outback Outfitters sells recreational equipment. One of the company's products, a small camp stove, sells for $130 per unit. Variable expenses are $91 per stove, and fixed expenses associated with...

Answered: 1 week ago

Question

★★★★★

Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken reported the following financial information...

Answered: 1 week ago

Question

★★★★★

1 If you had spent your career climbing to become a top manager in a large organisation, would you want to remove or reduce hierarchy? According to Adrian Furnham, Professor of Psychology at the...

Answered: 1 week ago

Question

★★★★★

1 What characteristics of bureaucracies might have led to their successful survival for so long?

Answered: 1 week ago

Question

★★★★★

2 If you were just starting your career, would you like to think that there were steps you could advance up to reach a higher level, rather than having a career of perpetual sideways moves? According...

Answered: 1 week ago

Previous Question Next Question