Homework Answers
The answer is : Option B) Entity principle
Explanation : According to the entity principle, the personal transactions of the owner should not be included in the transactions of the business.
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What accounting principle state that owner financials should not be intermingled with company finances? O A)...
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)...
1 Since cost is a reliable measure, the cost principle holds that the accounting records should...
1 Since cost is a reliable measure, the cost principle holds that the accounting records should continue reporting an asset at its historical cost over its useful life. True or False 2 Outside investors ordinarily use financial accounting information to decide whether or not to invest in a business. True or False 3 Under the going concern principle, accountants assume that the business will remain in operations long enough to use existing resources for their intended purpose. True or False...
Daphne is calculating the total asset turnover ratio of a company. Under which accounting principle would...
Daphne is calculating the total asset turnover ratio of a company. Under which accounting principle would she value the assets of the company at their original cost? A. accrual method of accounting B. historical cost accounting C. business entity concept D. going concern concept
The principle that states that assets acquired by the business should be recorded at their exchange...
The principle that states that assets acquired by the business should be recorded at their exchange price is the O A. matching principle O B. cost principle of measurement OC. revenue-recognition principle OD. subjectivity principle
Select the name of the accounting assumption, principle or qualitative characteristic that you believe should be...
Select the name of the accounting assumption, principle or qualitative characteristic that you believe should be written in place of the dotted blank space. "The ............ assumption implies that the numbers contained in financial statements are not periodically adjusted for inflation, regardless of whether the economic entity is expected to remain in business for a long time." Periodicity Going concern Monetary unit Comparability Economic entity None of the answer choices is correct
The accounting principle that requires important noncash financing and investing activities be reported on the statement...
The accounting principle that requires important noncash financing and investing activities be reported on the statement of cash flows or in a footnote is the: Multiple Choice Going concern principle. Business entity principle. Historical cost principle. Full disclosure principle. Materiality principle.
The accounting assumption that states that the business, rather than its owners, is the reporting unit...
The accounting assumption that states that the business, rather than its owners, is the reporting unit is the: O A. entity assumption. OB. historical cost assumption. O c. going concern assumption. OD. stable - monetary - unit assumption.
accounting principle
What is Accounting principle?Accounting principles are fundamental guidelines that shape the discipline of accounting, providing a structured framework for recording, reporting, and analyzing financial transactions. These principles, integral to maintaining consistency, accuracy, and transparency in financial reporting, include the accrual principle, emphasizing the recording of transactions when they occur rather than when cash changes hands. The consistency principle underscores the importance of applying chosen accounting methods uniformly over time, fostering comparability across financial statements. The materiality principle advocates for the...
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost...
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
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 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)...
The principle that states that assets acquired by the business should be recorded at their exchange price is the O A. matching principle O B. cost principle of measurement OC. revenue-recognition principle OD. subjectivity principle
Select the name of the accounting assumption, principle or qualitative characteristic that you believe should be written in place of the dotted blank space. "The ............ assumption implies that the numbers contained in financial statements are not periodically adjusted for inflation, regardless of whether the economic entity is expected to remain in business for a long time." Periodicity Going concern Monetary unit Comparability Economic entity None of the answer choices is correct
The accounting assumption that states that the business, rather than its owners, is the reporting unit is the: O A. entity assumption. OB. historical cost assumption. O c. going concern assumption. OD. stable - monetary - unit assumption.
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
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...
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