Homework Answers
(a) Matching
(b) Historical cost
(c) Full disclosure
(d) Going concern
(e) Control
(f) Economic Entity
(g) Periodicity
(h) Fair Value
(i) Revenue Recognition Principle
(j) Monetary Unit
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Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a)...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do...
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. a. Allocates expenses to revenues in the proper period. b. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) c. Ensures that all relevant financial information is reported. d. Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) e....
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Identify the accounting concept that describes each situation below. Do not use any concept more than...
Identify the accounting concept that describes each situation below. Do not use any concept more than once. a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) choose the accounting concept Full disclosure principleMonetary unit assumptionHistorical cost principleRevenue recognition principleCost constraintExpense recognition principlePeriodicity assumptionEconomic entity assumptionMaterialityGoing concern assumption b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept Economic entity assumptionGoing concern assumptionExpense recognition...
Answer for a-f Identify the accounting assumption or principle that is described below. Is the rationale...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or...
Identify the accounting assumption or principle that is
described below.
(a)
select the accounting assumption or principle
Going Concern AssumptionMonetary Unit AssumptionPeriodicity
AssumptionHistorical Cost PrincipleEconomic Entity AssumptionFull
Disclosure Principle
Is the rationale for why plant assets are not reported at
liquidation value. (Note: Do not use the historical cost
principle.)
(b)
select the accounting assumption or principle
Historical Cost PrincipleGoing Concern AssumptionEconomic Entity
AssumptionFull Disclosure PrincipleMonetary Unit
AssumptionPeriodicity Assumption
Indicates that personal and business record-keeping should be
separately maintained.
(c)...
Identify the accounting concept that describes each situation below. Do not use any concept more than...
Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) (b) Indicates that personal and business recordkeeping should be separately maintained. (C) Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick" used to report on financial performance. (e) Requires that accounting standards be followed...
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters....
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters. 1. Economic entity assumption. 2. Matching principle. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Materiality 7. Full disclosure principle. 8. Going concern assumption. 9. Revenue recognition principle. 10. Conservatism. Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) is the rationale for why plant...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial reporting. Select the foundational principle that best justifies each of these procedures and practices. 1. Price-level changes (inflation and deflation) are not recognized in the accounting records. 2. Sufficient financial information is presented so that reasonably prudent investors will not be misled. 3. Property, plant, and equipment are capitalized and depreciated over the periods that they benefit. 4. There is no intent to liquidate...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. a. Allocates expenses to revenues in the proper period. b. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) c. Ensures that all relevant financial information is reported. d. Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) e....
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
Identify the accounting assumption or principle that is
described below.
(a)
select the accounting assumption or principle
Going Concern AssumptionMonetary Unit AssumptionPeriodicity
AssumptionHistorical Cost PrincipleEconomic Entity AssumptionFull
Disclosure Principle
Is the rationale for why plant assets are not reported at
liquidation value. (Note: Do not use the historical cost
principle.)
(b)
select the accounting assumption or principle
Historical Cost PrincipleGoing Concern AssumptionEconomic Entity
AssumptionFull Disclosure PrincipleMonetary Unit
AssumptionPeriodicity Assumption
Indicates that personal and business record-keeping should be
separately maintained.
(c)...
Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) (b) Indicates that personal and business recordkeeping should be separately maintained. (C) Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick" used to report on financial performance. (e) Requires that accounting standards be followed...
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters. 1. Economic entity assumption. 2. Matching principle. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Materiality 7. Full disclosure principle. 8. Going concern assumption. 9. Revenue recognition principle. 10. Conservatism. Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) is the rationale for why plant...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial reporting. Select the foundational principle that best justifies each of these procedures and practices. 1. Price-level changes (inflation and deflation) are not recognized in the accounting records. 2. Sufficient financial information is presented so that reasonably prudent investors will not be misled. 3. Property, plant, and equipment are capitalized and depreciated over the periods that they benefit. 4. There is no intent to liquidate...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
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