Homework Answers
24.
The business will continue in operation for the foreseeable future = Going concern assumption.
25.
Asset are recorded at cost and changes in the market value are not recorded = Historical cost principle
26.
Financial information is reported on a regular basis = Time period assumption
27.
Important supplemental information accompanies financial statement = Full disclosure principle
28.
Every economic entity can be separately identified and accounted for = Economic entity assumption
29.
Account receivable = Current Asset
30.
Mortgage payable = Long term liabilities
31.
Account payable = Current liability
32.
Goodwill = Intangible assets
33.
Building = Property, Plant , and equipment
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Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below...
Match each of the numbered descriptions with the principle or assumption it best reflects. Principle/Assumption Description...
Match each of the numbered descriptions with the principle or assumption it best reflects. Principle/Assumption Description 1. A company reports details behind financial statements that would impact users' decisions 2. Financial statements reflect the assumption that the business continues operating 3. A company records the expenses incurred to generate the revenues reported 4. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and...
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)...
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...
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...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it is related. Select an option below to match with each question: A) Time Period or Periodicity Assumption B) Economic Entity Assumption C) Fair Value D) Revenue and Expense Recognition Principle E) Revenue Recognition Principle F) Cost principle G) Full Disclosure Principle H) Separate or Economic entity Principle I) Expense Recognition Principle 1) The amount of goodwill recorded by a company that purchases another company...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a)...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
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...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.)...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
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 of the numbered descriptions with the principle or assumption it best reflects. Principle/Assumption Description 1. A company reports details behind financial statements that would impact users' decisions 2. Financial statements reflect the assumption that the business continues operating 3. A company records the expenses incurred to generate the revenues reported 4. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and...
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)...
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...
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...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
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...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
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...
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