Homework Answers
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| 1 | Matching concept |
| 2 | Measurement |
| 3 | Revenue, revenue |
| 4 | Fair value |
| 5 | Consistency |
| 6 | Neutral |
| 7 | Transaction value |
| 8 | Separate/ Economic entity |
| 9 | Going Concern assumption |
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Question 1 Select the correct characteristic, concept, assumption, or constraint for the following 1. 2. The...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.)...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
help please Match the statements below with the items below: a.) Economic entity assumption b.) Time...
help please
Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. The information is free of error and bias. The economic life of a business can be subdivided into months, quarters...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it is related. Select an option below to match with each question: A) Time Period or Periodicity Assumption B) Economic Entity Assumption C) Fair Value D) Revenue and Expense Recognition Principle E) Revenue Recognition Principle F) Cost principle G) Full Disclosure Principle H) Separate or Economic entity Principle I) Expense Recognition Principle 1) The amount of goodwill recorded by a company that purchases another company...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a service must be recorded in the same period that the revenue from the service is recognized is the: a. Expense recognition b. Time period c Business entity d. Materiality e. Revenue recognition QUESTION 17 The consistency assumption: a. requires that only events with an economic impact be recorded b.requires using the reporting alternative with the least favorable impact on net income and financial position....
QUESTION 1 10 points Save Answer Match the concepts in the left-hand column with the correct...
QUESTION 1 10 points Save Answer Match the concepts in the left-hand column with the correct description or term in the right-hand column. A. Liability It is assumed that the entity will continue to operate in the foreseeable b. future. (- C. Operates separately from other units D. Asset - - Entity Accounting Qualitative characteristic of financial statements Cash in the bank Going concern E. Equity F. Accrual concept G. To report on the financial performance of an entity H....
Options: Correctness: Correct or Incorrect Principle: a. Faithfull representation b. Faithful representation (Full disclosure) Materiality c....
Options:
Correctness: Correct or Incorrect
Principle:
a. Faithfull representation
b. Faithful representation (Full disclosure) Materiality
c. Faithful representation (Net asset principle)
d. Historical Cost Measurement
e. Historical cost measurement and Net asset principle, Full
disclosure materiality and separate-entity
f. Matching; Comparability
g. Matching; Time-period assumption
h. Revenue and Historical cost measurement
i. Revenue and matching; Faithful representation and Freedom
from bias
j. Revenue recognition
k. Separate-entity
l. Time-period assumption
The following list of statements poses conceptual issues: Required: 1 and...
Question 11 (1 point) Which of the following is the principle that a business must report...
Question 11 (1 point) Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? full disclosure principle revenue recognition principle cost principle O expense recognition (matching) principle Question 12 (1 point) Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? separate entity concept time period assumption O monetary measurement concept Ogoing concern assumption
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with...
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group...
1.)External users are those within an organization who use financial information to make day-to-day decision. Group of answer choices True False 2)The four basic financial statements are Income Statement, Statement of Owner's Equity, Balance Sheet and the Chart of Accounts. Group of answer choices True False 3)Generally Accepted Accounting Principles (GAAP) are accounting principles, assumptions, concepts (the rules) that guide the preparation and presentation of financial statements. Group of answer choices True False 4)In double-entry bookkeeping, at least four accounts...
Match each item characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards...
Match each item characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards with a description below. 1. select an option Going Concern AssumptionPeriodicity AssumptionMaterialityEconomic Entity AssumptionMonetary Unit AssumptionRelevanceCost ConstraintComparabilityFull Disclosure PrincipleHistorical Cost PrincipleConsistencyFaithful Representation Items not easily quantified in dollar terms are not reported in the financial statements. 2. select an option ...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
help please
Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. The information is free of error and bias. The economic life of a business can be subdivided into months, quarters...
Question Completion Status: QUESTION 16 The accounting assumption that states all expenses incurred in providing a service must be recorded in the same period that the revenue from the service is recognized is the: a. Expense recognition b. Time period c Business entity d. Materiality e. Revenue recognition QUESTION 17 The consistency assumption: a. requires that only events with an economic impact be recorded b.requires using the reporting alternative with the least favorable impact on net income and financial position....
QUESTION 1 10 points Save Answer Match the concepts in the left-hand column with the correct description or term in the right-hand column. A. Liability It is assumed that the entity will continue to operate in the foreseeable b. future. (- C. Operates separately from other units D. Asset - - Entity Accounting Qualitative characteristic of financial statements Cash in the bank Going concern E. Equity F. Accrual concept G. To report on the financial performance of an entity H....
Options:
Correctness: Correct or Incorrect
Principle:
a. Faithfull representation
b. Faithful representation (Full disclosure) Materiality
c. Faithful representation (Net asset principle)
d. Historical Cost Measurement
e. Historical cost measurement and Net asset principle, Full
disclosure materiality and separate-entity
f. Matching; Comparability
g. Matching; Time-period assumption
h. Revenue and Historical cost measurement
i. Revenue and matching; Faithful representation and Freedom
from bias
j. Revenue recognition
k. Separate-entity
l. Time-period assumption
The following list of statements poses conceptual issues: Required: 1 and...
Question 11 (1 point) Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? full disclosure principle revenue recognition principle cost principle O expense recognition (matching) principle Question 12 (1 point) Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? separate entity concept time period assumption O monetary measurement concept Ogoing concern assumption
Question Completion Status: F. Should I buy into this company? QUESTION 27 Match the statements with the appropriate terms the statement describes. A. v A revenue not yet recognized; collected in advance for $1,200. A. Unearned Revenue Office supplies paid for and on hand that will be used in the next D. V period. A v Unrecorded interest on a notes payable of $180. B. Accrued Revenue C. Accrued Expense D. Insurance paid in advance. D. Prepaid Expense 8. v...
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