Question

Is customer information an asset which should be reported in the financial statements?

Is customer information an asset which should be reported in the financial statements?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

No, customer asset wouldn't be treated as an asset ( intangible).

An asset is an item that the company owns, with the expectation that it will yield future financial benefit. This benefit may be achieved through enhanced purchasing power (i.e., decreased expenses), revenue generation or cash receipts.

from the point of you customer information cannot be treated as an acid because it doesn't give the the future benefits for the company it only supports for the product design or product production free limited point of the time.customer information where is from the time to time and was based on the taste and patterns and preferences

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following statements about making decisions is correct? Only relevant financial information should be...
Which of the following statements about making decisions is correct? Only relevant financial information should be considered. All information should be considered in the final decision. Management should consider both relevant financial and non-financial information. Management accountants should provide the information, but they should not make recommendations. It is up to the managers to make decisions.
Which type of set of financial statements is least likely to fairly represent a company’s financial...
Which type of set of financial statements is least likely to fairly represent a company’s financial position: Audited financials Reviewed financials Compiled Financials Cash received by a company prior to its delivery of goods to a customer is MOST LIKELY recorded when received as: Deferred revenue, an asset Deferred revenue, a liability Sales, an income statement item If a company records fictitious income, it most likely would try to cover up its fraud by: Decreasing assets Increasing expenses Increasing liabilities...
Ouyang Inc. reported the following financial information: Table: Ouyang Inc. Financial Information Financial Information 2013 2012...
Ouyang Inc. reported the following financial information: Table: Ouyang Inc. Financial Information Financial Information 2013 2012 Deferred tax asset 30,293 38,473 Valuation allowance 3,829 1,728 Which of the following is more likely regarding the change of the valuation allowance? a) Its total assets were increased in 2013; b) It had an equal amount of deferred tax assets and deferred tax liabilities; c) It was more profitable in 2013; d) It expects a higher likelihood to earn sufficient taxable income to...
Which of the following statements about the financial statements is correct? The “change in cash” reported...
Which of the following statements about the financial statements is correct? The “change in cash” reported on the statement of cash flows is also reported on the statement of retained earnings. The statement of cash flows and income statement are for a period of time while the balance sheet is at a point in time. The statement of cash flows and income statement are at a point of time while the balance sheet is for a period of time. None...
Asset Turnover The Home Depot reported the following data (in millions) in its recent financial statements:...
Asset Turnover The Home Depot reported the following data (in millions) in its recent financial statements: Year 2 Year 1 Sales $108,203 $100,904 Total assets at the end of the year 44,003 44,529 Total assets at the beginning of the year 44,529 42,966 a. Determine the asset turnover for The Home Depot for Year 2 and Year 1. Round to two decimal places. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b. What do...
1. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic? 2.What...
1. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic? 2.What type of audit opinion is the most ideal one issued by an auditor? 4.Financial statements should reflect transactions in the period when they actually occur. Which of the following represents this assumption?
Which of the following does NOT correctly complete this sentence: The financial statements of a company...
Which of the following does NOT correctly complete this sentence: The financial statements of a company . A. Can be useful to the financial manager of the firm even though they employ accounting figures and not actual cash flows. B. Are useful for analysts outside the firm. C. Are generally considered a useful second best source of information for analysts of the firm if only because this information is often all that is readily available. D. Are rarely comparable from...
Audit reports should be dated the date on which the financial statements are issued or the...
Audit reports should be dated the date on which the financial statements are issued or the date of the audit engagement. the question is true or false ?
Question 12. The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which...
Question 12. The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which of the following statements is true? A liability exists when an transfer of economic resource is certain The definition of an asset centres on the concept of ownership. An expense is an increase in an asset or a decrease in a liability. The Conceptual Framework defines equity as a residual.
which of the following statements is true regarding the flow of accounting information? a. the account...
which of the following statements is true regarding the flow of accounting information? a. the account balances in the adjusted trial balance are used to prepare financial statements for the current accounting period b. transactions are first recorded in the ledger accounts and then transferred to the accounting journals c. the net income (revenue less expenses) as reported on the income statement is also reported on the balance sheet d. the dividends reported on the statement of retained earnings are...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT