Homework Answers
1. Option 1, Comparability means using the same accounting principles from year to year within a company.
2. Option 3, listed after property, plant, and equipment.
3. Option 1, monetary unit assumption
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Which of the following statements is not true? Comparability means using the same accounting principles from...
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 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....
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
Which of the following statements is not true? Relevant accounting information must be capable of making...
Which of the following statements is not true? Relevant accounting information must be capable of making a difference in a user's decision. For accounting information to be relevant, it must have timeliness. Faithful representation means information must be neutral, complete, and free from error. Comparability means using different accounting principles from year to year within a company.
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....
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...
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...
(Q1)Which of the following accounting principles or conventions is contradictory to the GAAP requirement to expense...
(Q1)Which of the following accounting principles or conventions is contradictory to the GAAP requirement to expense R&D costs immediately? historical cost principle comparability matching principle conservatism (Q2) Which of the following is not a required disclosure regarding intangible assets in the period a company acquires intangible assets? the rate of return used to estimate the value of goodwill purchased the cost of any intangible assets acquired, separated into assets subject to amortization, assets not subject to amortization, and goodwill for...
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
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....
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 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....
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
Which of the following statements is not true? Relevant accounting information must be capable of making a difference in a user's decision. For accounting information to be relevant, it must have timeliness. Faithful representation means information must be neutral, complete, and free from error. Comparability means using different accounting principles from year to year within a company.
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...
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...
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
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....
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