Answer:
False
Explanation:
The GAAP established that when the benefits of obtaining accounting information are lower than the costs of providing that information, the information should not be provided.
For example, sometimes there are very small differences in certain accounts that don't allow a balance sheet to be balanced. If the accounting error is very small, e.g. just a few hundred dollars, then it is not reasonable to have a whole audit team check all the financial statements again to determine what caused the error. An adjusting entry could be made to close the account balances.
Imagine you are an auditor that must check the physical inventory of a factory and some boxes containing supplies are misplaced. It might take you a whole day to count again all the supplies and materials, but is it worth it? If the supplies were really expensive, probably yes, but if they were cheap components, then probably no.
Answer:
$759,000
Explanation:
Preparation of a schedule showing the amount at which the ovens should be recorded in Great Harvest’s Equipment account.
Purchase price 690,000
Add Freight costs 30,000
Add Electrical connection 4,000
Add Labor costs 32,800
Add Bread dough used in testing the oven 800
Add Safety Guards 1,400
Total cost of equipment $759,000
Therefore the amount at which the ovens should be recorded in Great Harvest’s Equipment account will be $759,000
If you are talking about the Wendy's founder, he received his GED in March 1993.
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Answer: Letter D </span>✅ <span>
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