Under IFRS,firms may elect the fair value option only in cases where it eliminates an accounting mismatch or when a group of assets is managed and evaluated using fair values.
Two transactions were posted to the following customer account:NAME: Gen-X Products, Inc.Address: 123 My Way Describe each transaction and the source of each posting.
Mar. 10Sold $990 on account to Gen-X Products, Inc., itemized on Invoice No. 987. Amount posted from page 45 of the revenue journal.19Collected cash of $825 from Gen-X Products, Inc. (Invoice No. 995). Amount posted from page 78 of the cash receipts journal.
JB
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Harry's Bikes' current ratio is 1.3. The industry average for the current ratio is 1.2. This indicates that Harry's Bikes can cover its short term liabilities with its short term assets.
Professor Bob has an incredibly messy office, and really wants to change but just can't.Professor Bob just read his first book about behavioral economics.To help him keep his office more neat, Professor Bob could hire
A) an expensive office consultant to set up an organizational scheme.Because the consultant's visit was so expensive, Professor Bob will not want to lose his investment. B) a very expensive custodial service that will clean and bill Professor Bob only when his office needs cleaning. C) somebody to clean his office once a week for the entire year whether it needs it or not. D) a sarcastic graduate student to make fun of him when his office becomes messy. E) All of the above would be equally effective in changing Professor Bob's behavior.