An income statement prepared according to gaap:
a. reflects the net cash flows of a firm over a stated period of time.
b. reflects the financial position of a firm as of a particular date.
c. distinguishes variable costs from fixed costs.
d. records revenue when payment for a sale is received.
e. records expenses based on the matching principle.

Singer and mcmann are partners in a business. singer’s original capital was $40,000 and mcmann’s was $60,000. they agree to salaries of $12,000 and $18,000 for singer and mcmann respectively and 10% interest on original capital. if they agree to share remaining profits and losses on a 3: 2 ratio, what will mcmann’s share of the income be if the income for the year was $15,000?

Jeanie had always been interested in how individuals and businesses effectively allocate their resources in order to accomplish personal and organizational goals. that’s why she majored in economics and took on an entry-level position at an accounting firm. she is very interested in further advancing her career by looking into a specialization that builds upon her academic background, and her interest in deepening her understanding of how companies adjust their operating results to incorporate the economic impacts of their practices on internal and external stakeholders. which specialization could jeanie follow to get the best of both worlds? jeanie should chose to get the best of both worlds.

When many scrum teams are working on the same product, should all of their increments be integrated every sprint?