Situation | Agree/Disagree | Assumption /Constrain/Accounting Principle |
1 | Disagree | Monetary Unit Assumption |
2 | Disagree | Full Disclosure Principle |
3 | Agree | Expense Recognition |
4 | Disagree | Historical Cost (Original TransactionValue)Principle |
5 | Agree | Revenue Recognition |
6 | Agree | Materiality |
7 | Disagree | Periodicaly Assumption |
answer agree or disagree for the 7 different situations then choose from the answer choices i...
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree) 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost....
For each of the following situations, indicate whether you agree or disagree with the financial reporung plduull employed and state the accounting concept that is applied (if you agree) or violated (if you disagree). 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost. No mention of the...
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and stat the accounting concept that is applied (if you agree) or violated (if you disagree). 76 oints eBook 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
H E1-12 Basic Por cach of the following situations, indicate whether you agree or disagree with the financial reporting practice assumptions and employed and state the accounting concept that is applied Gif you agree) or violated (if you disagree) principles 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing .LO1-7 through power of the dollar LO1-9 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
please complete. added pictures of the answer choices to choose from for the reasoning part For each of the following situations, state whether you agree or disagree with the financial reporting practice employed, and briefly explain the reason for your answer. 1. The controller of the Dumars Corporation increased the carrying value of land from its original cost of $2 million to its recently appraised value of $3.5 million. 2. The president of Vosburgh Industries asked the company controller to...
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...
For each of the following situations, (1) indicate whether you agree or disagree with the financial reporting practice employed and (2) state the accounting concept that is applied (if you agree), or violated (if you disagree). 4 1. Winderl Corporation did not disclose that it was the defendant in a material lawsuit because the trial was still in progress. 2. Alliant Semiconductor Corporation files quarterly and annual financial statements with the SEC. 3. Reliant Pharmaceutical paid rent on its office...
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...
please complete took extra pictures of all 6 answer choices to choose from Identify the accounting concept that was violated in each of the following situations. 3. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet. Atwell Corporation has not prepared financial statements for external users for over three years. The Klingon...
Part I. Statements (30%) State whether you agree or disagree with the statements. Provide argumentation or description for each statement. 1. Tax accounting is more conservative toward financial accounting. 2. Information concerning tax in the financial statements is not too relevant for the investors, but only for a government. 3. IFAS 34 basic principle is that the company needs to wait until the condition is certain until it can record the tax transactions. Part II. Cases (70%) ThecaseI–30% PT R...