Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. an accounting must be familiar with the concept in

An accounting must be familiar with the concept involved in determining earning of a business...

90.2K

Verified Solution

Question

Accounting

An accounting must be familiar with the concept involved in determining earning of a business entity. The amount of earing reported for a business entity is dependent on the proper recognition in general of revenue and expenses at the time of product sale; in other situation, guidelines have been developed for recognizing costs as expenses or losses by other criteria. 1- Explain the rationale for recognizing costs as expenses at the time of product sale. 2-What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assigning the costs to an asset? 3- Identify the necessary conditions in which it could be appropriate to treat a cost as loss.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Medical Sciences
1.2K views

Trace the flow of lymph from the right wrist to the right atrium.

Biology
1.2K views

Use quantitative and qualitative results to answer one of the following questions.1. What happened to...

Biology
1.2K views

Foroke the Potes and combed over a lence against my mother s ass of As...

Geometry
1.2K views

Draw a line that divides the area of the figure in half Note that you...

Geometry
1.2K views

A line passes through a circle at point P 5 13 Sketch and label a...

Basic Math
1.2K views

Sanjay has borrowed $390 on his father's watch from a pawn shop. He has agreed...

Calculus
1.2K views

Evaluate the definite integral 4 3e x dx e 3x x 4 3e 3x

Accounting
1.2K views

Chapter #7 Name MULTIPLE CHOICE QUESTIONS...

Accounting
1.2K views

Under IFRS, the role of the conceptual framework: Multiple Choice Has resulted primarily from...

Accounting
1.2K views

Use the following information from separate companies a through d. Compute times interest earned. Which...

Accounting
1.2K views

Fixed Cost Increase and Margin of Safety. Joey Fink, the owner of Kay Manufac- turing...

Accounting
1.2K views

You have just been hired as a new management trainee by Earrings Unlimited, a distributor...