Homework Answers
Conservatism - option A ( least favourable figures)
Materiality - option D (strictly proper accounting)
Disclosure - option B ( report enough info)
Consistency - option C (use same accounting methods)
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Definitions - X Match the accounting terminology to the definitions. (Click the icon to view the...
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More...
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More Info - X a. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors b. Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records. Employees of the business who ensure that the company's employees are following company policies...
Which of the following states that the business should use the same accounting methods from period...
Which of the following states that the business should use the same accounting methods from period to period? O A. disclosure principle O B. consistency principle O c. materiality concept OD. conservatism
13) Which of the following states that businesses should use the same accounting methods from period...
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Match the accounting principle on the left with the appropriate statement on the right. Entity assumption...
Match the accounting principle on the left with the appropriate statement on the right. Entity assumption a. All relevant information must be presented in the financial statements. Materiality b. X Corp. uses FIFO every year to value its inventory. Full disclosure c. Carefully make estimates to avoid overstating assets or net income. Consistency d. Sales are recorded when the product is provided, not when we get paid. Historical cost e. The business plans to continue indefinitely. Conservatism f. John's personal...
accounting principle
What is Accounting principle?Accounting principles are fundamental guidelines that shape the discipline of accounting, providing a structured framework for recording, reporting, and analyzing financial transactions. These principles, integral to maintaining consistency, accuracy, and transparency in financial reporting, include the accrual principle, emphasizing the recording of transactions when they occur rather than when cash changes hands. The consistency principle underscores the importance of applying chosen accounting methods uniformly over time, fostering comparability across financial statements. The materiality principle advocates for the...
Match the following situations with the accounting principle that best applies. In some cases, more than...
Match the following situations with the accounting principle that best applies. In some cases, more than one principle may apply. A Unit of Measurement G. Realization B. Historical Cost H. Matching C. Going-Concern I. Materiality D. Conservatism J. Consistency E. Objectivity K. Full Disclosure F. Time Period L. Fair Value 1. A large hotel corporation is preparing its vear-end financial statements. Management has informed the certified public accountant that in two months it will begin closing 15 of its hotel...
Match the accounting principle on the left with the appropriate statement on the right. ____ Entity...
Match the accounting principle on the left with the appropriate statement on the right. ____ Entity assumption a. All relevant information must be presented in the financial statements. ____ Materiality b. X Corp. uses FIFO every year to value its inventory. ____ Full disclosure c. Carefully make estimates to avoid overstating assets or net income. ____Consistency d. Sales are recorded when the product is provided, not when we get paid. ____ Historical cost e. The business plans to continue indefinitely....
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. E. Revenue Recognition Business Entity I. Transaction Approach J. Historical Cost Insert the applicable letter below i. Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of...
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
0 Match the accounting terminology to the definitions. (Click the icon to view the definitions.) More Info - X a. 1. Sarbanes-Oxley Act 2. Internal control 3. Encryption 4. Separation of duties 5. Internal auditors b. Organizational plan and all the related measures adopted by an entity to safeguard assets, encourage employees to follow company policies, promote operational efficiency, and ensure accurate and reliable accounting records. Employees of the business who ensure that the company's employees are following company policies...
Which of the following states that the business should use the same accounting methods from period to period? O A. disclosure principle O B. consistency principle O c. materiality concept OD. conservatism
13) Which of the following states that businesses should use the same accounting methods from period to period? A) materiality concept B) conservatism C) consistency principle D) disclosure principle
Match the accounting principle on the left with the appropriate statement on the right. Entity assumption a. All relevant information must be presented in the financial statements. Materiality b. X Corp. uses FIFO every year to value its inventory. Full disclosure c. Carefully make estimates to avoid overstating assets or net income. Consistency d. Sales are recorded when the product is provided, not when we get paid. Historical cost e. The business plans to continue indefinitely. Conservatism f. John's personal...
Match the following situations with the accounting principle that best applies. In some cases, more than one principle may apply. A Unit of Measurement G. Realization B. Historical Cost H. Matching C. Going-Concern I. Materiality D. Conservatism J. Consistency E. Objectivity K. Full Disclosure F. Time Period L. Fair Value 1. A large hotel corporation is preparing its vear-end financial statements. Management has informed the certified public accountant that in two months it will begin closing 15 of its hotel...
1. Match the accounting terms with the corresponding definitions. (Click the icon to view the accounting terms.) a. (2) b. A detailed record of all increases and decreases that have occurred in a particular asset, liability, or equity during a period The record holding all the accounts of a business, the changes in those accounts, and their balances A journal entry that is characterized by having multiple debits and/or multiple credits A record of transactions in date order Left side...
The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, dictated by the Sarbanes-Oxley Act, is that any standard must be based on the cost-benefit test. e transparency qualitative characteristics. an improved and consistently applied framework. Question 2 The Purchases account is O a temporary account. O a permanent account. O a subsidiary account. a liability account. Question 3 The Sales account is classified as a contra account. O a liability account...
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