Homework Answers
Ans : A. Entity Assumption
The Entity Assumption states that Owner's Personal Transactions and Business Transactions shall be kept separate.
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The accounting assumption that states that the business, rather than its owners, is the reporting unit...
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)...
1 Since cost is a reliable measure, the cost principle holds that the accounting records should...
1 Since cost is a reliable measure, the cost principle holds that the accounting records should continue reporting an asset at its historical cost over its useful life. True or False 2 Outside investors ordinarily use financial accounting information to decide whether or not to invest in a business. True or False 3 Under the going concern principle, accountants assume that the business will remain in operations long enough to use existing resources for their intended purpose. True or False...
Answer for a-f Identify the accounting assumption or principle that is described below. Is the rationale...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
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....
4. “ A Going Concern Assumption in accounting” is a very powerful determinant whether a company...
4. “ A Going Concern Assumption in accounting” is a very powerful determinant whether a company has a future. By examining the financial statements of a company, what 6 signs can your glean from the financial statements that suggest the danger? E.g. very small cash balance relative to other assets in the balance sheet. Reporting Entity assumption states that a business enterprise is a legally and economically distinct from its owner or owners. How has the accounting profession respected and...
15) Accounting is an information and measurement system that does all of the following except: A)...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
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...
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....
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)...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
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....
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
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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