Homework Answers
1. Expense recognition - Record expenses in the period the related revenue is recognized.
2. Periodicity assumption - The life of an enterprise can be divided into artificial time periods.
3. Historical cost principle - The original transaction value upon acquisition.
4. Materiality - Concerns the relative size of an item and its effect on decisions.
5. Revenue recognition - Criteria usually satisfied for products at point of sale.
6. Going concern assumption - The entity will continue indefinitely.
7. Monetary unit assumption - A common denominator is the dollar.
8. Economic entity assumption - The enterprise is separate from its owners and other entities.
9. Full-disclosure principle - All information that could affect decisions should be reported.
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lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts....
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
Homework 3: Ch1 6 Saved Help Listed below are several terms and phrases associated with the...
Homework 3: Ch1 6 Saved Help Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with the item from List B that is most appropriately associated with it. List A List B 1. Predictive value 0.76 2 Relevance 3. Timeliness points 4. Distribution to owners Agreement between a measure and the phenomenon it purports to represent. eBook 5. Confirmatory value Applying the same accounting practices over time. 6. Understandability References...
Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item...
Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with from List B that is most appropriately associated with it. List B List A 1. Predictive value 2. Relevance 3. Timeliness 4. Distribution to owners 5. Confirmatory value 6. Understandability 7. Gain 8. Faithful representation 9. Comprehensive income 10. Materiality 11. Comparability 12. Neutrality 13. Recognition 14 Consistency 15. Cost effectiveness 16. Veritability
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept...
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the best phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle...
Listed below are several terms and phrases associated with concepts discussed in the chapter. Pair each...
Listed below are several terms and phrases associated with concepts discussed in the chapter. Pair each item from List A (by letter with the item from List B that is most appropriately associated with it List A List B 1. Interest a First cash flow occurs one period after agreement begins 2. Monetary asset b. The rate at which money will actually grow during a year 3. Compound interest c. First cash flow occurs on the first day of the...
Listed below are several terms and phrases associated with income statement presentation and the statement of...
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it a. c. List A 1. Intraperiod tax allocation 2. Comprehensive income Unrealized holding gain on 3. investments 4. Operating income 5. A discontinued operation 6. Earnings per share 7. Prior period adjustment 8. Financing activities 9. Operating activities (SCF) 10. Investing...
Homework 3. Chi Seved Help Listed below are several statements that relate to financial accounting and...
Homework 3. Chi Seved Help Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points 1. SiriusXM Radio Inc, files its annual and quarterly financial statements with the SEC. 2. The president of Applebee's International, Inc., travels on the corporate jet for business purposes only and does not use the jet for personal use. 3. Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the...
Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each...
Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle C. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle 1....
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...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
Homework 3: Ch1 6 Saved Help Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with the item from List B that is most appropriately associated with it. List A List B 1. Predictive value 0.76 2 Relevance 3. Timeliness points 4. Distribution to owners Agreement between a measure and the phenomenon it purports to represent. eBook 5. Confirmatory value Applying the same accounting practices over time. 6. Understandability References...
Listed below are several terms and phrases associated with the FASB's conceptual framework. Pair each item from List A with from List B that is most appropriately associated with it. List B List A 1. Predictive value 2. Relevance 3. Timeliness 4. Distribution to owners 5. Confirmatory value 6. Understandability 7. Gain 8. Faithful representation 9. Comprehensive income 10. Materiality 11. Comparability 12. Neutrality 13. Recognition 14 Consistency 15. Cost effectiveness 16. Veritability
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the best phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle...
Listed below are several terms and phrases associated with concepts discussed in the chapter. Pair each item from List A (by letter with the item from List B that is most appropriately associated with it List A List B 1. Interest a First cash flow occurs one period after agreement begins 2. Monetary asset b. The rate at which money will actually grow during a year 3. Compound interest c. First cash flow occurs on the first day of the...
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it a. c. List A 1. Intraperiod tax allocation 2. Comprehensive income Unrealized holding gain on 3. investments 4. Operating income 5. A discontinued operation 6. Earnings per share 7. Prior period adjustment 8. Financing activities 9. Operating activities (SCF) 10. Investing...
Homework 3. Chi Seved Help Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points 1. SiriusXM Radio Inc, files its annual and quarterly financial statements with the SEC. 2. The president of Applebee's International, Inc., travels on the corporate jet for business purposes only and does not use the jet for personal use. 3. Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the...
Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle C. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle 1....
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...
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