Homework Answers
| 29 | Economic Entity | Economic events can be identified with a particular economic body. |
| 30 | Going concern | In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely. |
| 31 | Periodicity | The economic life of a company can be divided into artificial time intervals for financial reporting. |
| 32 | Monetary unit | A common denominator is needed to measure all business activities. |
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Use the following to answer questions 29-32 Match the four underlying...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption with its description. ssumptions Descriptions Economic entitya. A common denominator is needed to measure all 2.BGoing concerrn 3. D Periodicity 4. A Monetary unit business activities. particular economic body. is anticipated that a business entity will continue b. Economic events can be identified with a c. In the absence of information to the contrary, it to operate indefinitely. d. The economic life of a...
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below...
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below are basic assumptions and principles underlying financial reporting. a = Historical cost principle b = Going concern assumption c = Time period (periodicity) assumption d = Full disclosure principle e = Economic Entity assumption 24. The business will continue in operation for the foreseeable future. 25. Assets are recorded at cost and changes in market value are not recorded. 26. Financial information is reported...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Matching Question 175 Select the appropriate terms for the following statements. Weighs the cost of providing...
Matching Question 175 Select the appropriate terms for the following statements. Weighs the cost of providing information to financial statement users against the benefits to be derived. Report assets that are actively traded at their market price. 2. 3. Fair value principle Monetary unit assumption Information that has a bearing on a decision. Economic events can be identified with a particular unit of accountability. An item important enough to influence the decision of an investor or creditor. Same accounting principles...
Match each item characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards...
Match each item characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards with a description below. 1. select an option Going Concern AssumptionPeriodicity AssumptionMaterialityEconomic Entity AssumptionMonetary Unit AssumptionRelevanceCost ConstraintComparabilityFull Disclosure PrincipleHistorical Cost PrincipleConsistencyFaithful Representation Items not easily quantified in dollar terms are not reported in the financial statements. 2. select an option ...
Chapter 1 Homework Submit your answers in CANVAS before it is due When Inputting your answers...
Chapter 1 Homework Submit your answers in CANVAS before it is due When Inputting your answers in CANVAS do not include S signs or commas in your answers. DO NOT include words in your answer unless specifically asked. Use the following information to answer questions 1-10 For each item, determine the type of account (Asset, Liability, Stockholder's Equity, Dividends, Revenue or Expense) and the type of activity Operating Investing or Financing When answering the question, Input ONLY the first letter,...
Practice 1(select one of the letters from above for each of the following situations): L A...
Practice 1(select one of the letters from above for each of the following situations): L A Relevance 8. Faithful representation C. Comparability D. Consistency E. Monetary unit assumption F. Economic entity assumption G. Periodicity assumption H. Going concern assumption istorical cost principle 3. Pl disclosure principle K. Materiality Cost Constraint L 1. Finandal statements are prepared at regular intervals. 2. Belief that a company will continue to operate for the foreseeable future. The desire to minimize errors and beas in...
Questions: For Kroger deposits in transit: What is the account titled Store deposits in-transit (refer to footnote...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
E1-20 Below are the four underlying assumptions of generally accepted accounting principles. Match each business assumption with its description. ssumptions Descriptions Economic entitya. A common denominator is needed to measure all 2.BGoing concerrn 3. D Periodicity 4. A Monetary unit business activities. particular economic body. is anticipated that a business entity will continue b. Economic events can be identified with a c. In the absence of information to the contrary, it to operate indefinitely. d. The economic life of a...
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below are basic assumptions and principles underlying financial reporting. a = Historical cost principle b = Going concern assumption c = Time period (periodicity) assumption d = Full disclosure principle e = Economic Entity assumption 24. The business will continue in operation for the foreseeable future. 25. Assets are recorded at cost and changes in market value are not recorded. 26. Financial information is reported...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
Matching Question 175 Select the appropriate terms for the following statements. Weighs the cost of providing information to financial statement users against the benefits to be derived. Report assets that are actively traded at their market price. 2. 3. Fair value principle Monetary unit assumption Information that has a bearing on a decision. Economic events can be identified with a particular unit of accountability. An item important enough to influence the decision of an investor or creditor. Same accounting principles...
Chapter 1 Homework Submit your answers in CANVAS before it is due When Inputting your answers in CANVAS do not include S signs or commas in your answers. DO NOT include words in your answer unless specifically asked. Use the following information to answer questions 1-10 For each item, determine the type of account (Asset, Liability, Stockholder's Equity, Dividends, Revenue or Expense) and the type of activity Operating Investing or Financing When answering the question, Input ONLY the first letter,...
Practice 1(select one of the letters from above for each of the following situations): L A Relevance 8. Faithful representation C. Comparability D. Consistency E. Monetary unit assumption F. Economic entity assumption G. Periodicity assumption H. Going concern assumption istorical cost principle 3. Pl disclosure principle K. Materiality Cost Constraint L 1. Finandal statements are prepared at regular intervals. 2. Belief that a company will continue to operate for the foreseeable future. The desire to minimize errors and beas in...
Questions: For Kroger deposits in transit: What is
the account titled Store deposits in-transit (refer to footnote 1)?
This is not an account you will find on the majority of company
financial statements. Why does Kroger include this account? Is it
odd that this account is larger than the cash balance? How do you
explain this?
Information Needed to Answer Questions:
Jan. 28, 2017 Jan. 30, 2016 $322 910 1,649 7,852 (1,291) 898 $ 277 923 1,734 7,440 (1,272) 790 9,892...
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