Homework Answers
Solution:
| 1 | The going concern assumption / Accounting period concept | An Entity exists will be determined by its business and every entity has to files its financial statement with SEC to comply with rules and prove its exists |
| 2 | The economic entity assumption | A person is different from entity even he is working for entity. So, personal expenses of management does not comes under entity |
| 3 | Revenue recognition | revenue will be recorded only when sales are happened but not just by manufacturing the goods. |
| 4 | Expense recognition/ Matching Concept | Asset will be used over its useful life. So, cost of asset should be depreciated over its useful life. |
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Homework 3. Chi Seved Help Listed below are several statements that relate to financial accounting and...
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...
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts....
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from L B that is most appropriately associated with it. List B 0.76 points eBook List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concem assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle References
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption,...
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or component that applies to each statement. 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...
please complete. added photos of all 7 answer choices to choose from Listed below are several...
please complete. added photos of all 7 answer choices to
choose from
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 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 3...
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....
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. Understandability characteristic k. Verifiability characteristic f. Revenue recognition principle ____ 1....
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...
help please Match the statements below with the items below: a.) Economic entity assumption b.) Time...
help please
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 e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) 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...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting?...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term qualitative characteristics of accounting informat "? 4. Briefly describe the two fundamental qualities of useful accounting information 62 Chapter 2 Conceptual Framework for Financial Reporting 5. How is materiality for immateriality) related to the proper presentation of financial statements? What factors and mesures should be considered in essing...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3,...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3, 3-4, 3-8] The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ $ 6,867 5,835 43,046 1,941 8,705 5,624 44,469 1,441 60,239 57,689 179,492 (71,...
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...
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from L B that is most appropriately associated with it. List B 0.76 points eBook List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concem assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle References
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or component that applies to each statement. 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...
please complete. added photos of all 7 answer choices to
choose from
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 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 3...
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....
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...
help please
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 e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) 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...
QUESTIONS 1. What is a conceptual framework? Why is a conceptual frameworke ry in financial accounting? 2. What is the primary objective of financial reporting? 3. What is meant by the term qualitative characteristics of accounting informat "? 4. Briefly describe the two fundamental qualities of useful accounting information 62 Chapter 2 Conceptual Framework for Financial Reporting 5. How is materiality for immateriality) related to the proper presentation of financial statements? What factors and mesures should be considered in essing...
Real World Case 3-7 (Static) Balance sheet and significant accounting policies disclosure; Walmart (LO3- 2, 3-3, 3-4, 3-8] The balance sheet and disclosure of significant accounting policies taken from the 2017 annual report of Walmart Stores Inc. appear below. Use this information to answer the following questions: WAL-MART STORES, INC. Consolidated Balance Sheets ($ in millions except per share data) As of January 31, 2017 2016 $ $ 6,867 5,835 43,046 1,941 8,705 5,624 44,469 1,441 60,239 57,689 179,492 (71,...
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