Which of the following is not a correct statement about sales taxes? Sales taxes are an expense of the seller. O Many companies record sales taxes in the sales account. If sales taxes are included in the sales account, the first step to find the amount sales taxes is to divide sales by 1 plus the sales tax rate. O All of these are true.

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: Define the Base Case and the Proposed Alternatives?

A: The base case is the output expected from the basic assumption made by the project team. The basic…

Q: The components of the conceptual framework ?

A:

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: Realization Test Principle/Theory.

A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…

Q: What is internalization?

A: Internalization: It happens when an individual directs an exchange itself, as opposed to sending it…

Q: What would be the equasion for solving this

A: Formula for calculating yearly payment: Yearly payment=(Loan amount * Rate%)1-1(1+Rate%)n

Q: Consider REMICs?

A: A real estate mortgage investment conduit (REMIC) is a difficult puddle of mortgage securities…

Q: What are the arguments for and against 'Stakeholder Theory'? Examine several arguments for and…

A: Stakeholder Theory is an idea about how business really works. According to it, for any business to…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: purpose of FA

A: FASB stands for Financial Accounting Standards Board. It is a non-profit organization that follows…

Q: What’s the AMT, and what is its purpose?

A: The main purpose of AMT is to set a limitation on the tax payers who may be making use of the excess…

Q: What is materiality? Explain?

A: Materiality: The accounting concept which focusses that all the financial items and figures which…

Q: Explain the PSA prepayment model?

A: What Is a Prepayment Model? In lending, a prepayment model is used to estimate the level of…

Q: What is the actual formula used to get this answer?

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: Define and explain the significance of the term CMA.

A: Certified Management Accountant (CMA): CMA stands for certified management accountant. CMA…

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: Explain what is meant by the term decision model.

A: Every business has to take important decisions now and then. A proper understanding of the situation…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What is the Baumol model, and how is it used?

A: The Baumol model, also known as the Baumol-Allais-Tobin (BAT) model, is a cash management model. In…

Q: What is counterbalancing?

A: Errors: The comparability and consistency of the financial statements decreases when a company…

Q: What are the functions of the conceptual framework under IFRS?

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is…

Q: What is sensitive analysis?

A: Sensitive analysis is a method for predicting the outcome of a decision if a situation turns…

Q: What is full form of CIP? Explain about it.

A: Carriage and Insurance Paid to is the full form of CIP

Q: what is a provable intrinsic value? can you give a example

A: Intrinsic value of a stock is its fundamental value. This is calculated by taking in to…

Q: what is materiality?

A: Materiality is an accounting concept that signifies the importance of an item to users of financial…

Q: What is the confirmation process?

A: Confirmation Process: Confirmation process refers to the process for the authentication of the…