Homework Answers
ANSWER:
| 1 | Jim Mariey is the sole owner of Marty's Appliances. Jim borrowed $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 | The economic entity assumption |
| 2 | Apple Inc, distributes an annual report to its shareholders | The periodicity assumption |
| 3 | Hewlett-Packard Corporation depreciate machinery and equipment over their useful lives | The going concern assumption |
| 4 | Crosby Company island on its balance sheet at $120.000, its original purchase price, even though the land has a current fair value of $200,000 | The historical cost principle |
| 5 | Honeywell International inc. records revenue when products are delivered to ountomens, even though the cash has not yet been received | Revenue recognition |
| 6 | Liquidation value re not normally reported in financial statements even though many companies do go out of business | The going concern assumption |
| 7 | M Corporation, million dollar company, purchased some small tools at cost of S800. Even though the tools will be used for number of you the company recorded the purchases an expense | Materiality & expense recognition |
number 3 answer is incorrect. yes correct answer is expense recognition
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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 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...
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...
Identify the accounting concept that describes each situation below. Do not use any concept more than...
Identify the accounting concept that describes each situation below. Do not use any concept more than once. a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) choose the accounting concept Full disclosure principleMonetary unit assumptionHistorical cost principleRevenue recognition principleCost constraintExpense recognition principlePeriodicity assumptionEconomic entity assumptionMaterialityGoing concern assumption b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept Economic entity assumptionGoing concern assumptionExpense recognition...
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....
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....
Identify the basic assumption, accounting principle, or constraint that applies to each statement. See bottom for...
Identify the basic assumption, accounting principle, or constraint that applies to each statement. See bottom for list of choices. Also Circle “OK” or “NOT OK”. Choose Not OK if the explanation violates the assumption, principle or constraint. (10 points): 1. Wagner Corporation adjusted the value of all assets and liabilities to reflect changes in the purchasing power of the dollar, Wagner uses the current rate of inflation as a guide. OK NOT OK Assumption/Principle: ______________________ 2. Maui Jims, Inc., provides...
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)...
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 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
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...
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....
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)...
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 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
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