Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / Describe the four enhancing qualitative characteristics and identify conflicts where possible trade-offs may occur in trying to maximize these characteristics
Describe the four enhancing qualitative characteristics and identify conflicts where possible trade-offs may occur in trying to maximize these characteristics.
(II) Identify which of the five financial statement elements applies to each item described below:
a. A cash dividend is declared and paid to the shareholders.
b. Cash is used to purchase a machine that will be used in the production process over the next five years.
c. Products are sold to customers on 30-days’ credit
d. Income taxes are calculated based on a company’s profit. The taxes will be paid next year.
e. A customer makes a deposit on a special order that will not be manufactured until next year.
f. A bill for electricity used in the current month is received but not payable until the following month.
g. A shareholder invests money in a business in exchange for issued shares.
h. A shareholder invests money in a business by making a loan with commercial terms to the business.
i. An insurance settlement is received for a fully depreciated asset that was destroyed in a fire. j. An allowance for doubtful accounts is established based on estimates of future uncollectible accounts.
