State the Accounting Assumption, Principle, Information Characteristic or Constraint That

question 99

Essay

State the accounting assumption, principle, information characteristic or constraint that is most applicable:
1. An officer of Nanuck Inc. purchased a new home computer for personal use with company money, charging miscellaneous expense.

2. A machine, which cost $60,000, is reported at its current market value of $90,000.

3. Nanuck Inc. decides to establish a large loss and related liability this year because of the possibility that it may lose a pending patent infringement lawsuit. The possibility of loss is considered remote by its lawyers.

4. Because the company's income is low this year, a switch from accelerated depreciation to straight-line depreciation is made this year.
5. The president of Nanuck Inc. believes it is foolish to report financial information on a yearly basis. Instead, the president believes that financial information should be disclosed only when significant new information is available related to the company's operations.

Understand the primary challenges and errors in performance appraisal systems.

Identify strategies to improve the fairness and reduce political behavior in appraisal systems.

Recognize and mitigate various types of rating errors, including distributional, halo, and horns errors.

Comprehend approaches to performance feedback and their effectiveness.

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Definitions:

Direct Emissions

Emissions of greenhouse gases that are directly produced by a source, such as a factory or vehicle, as part of its operations.

Reporting Entity

A reporting entity refers to any business, organization, or unit that has legal and economic responsibilities to report its financial and operational data.

Peak Load Demand

The maximum amount of power or resources required at a specific time or period.

Car Dealers

Businesses authorized to sell new or used cars and often offer maintenance services, warranty repairs, and financing options.