Homework Answers
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| 1 | Monetary Unit |
| 3 | Historical cost and matching concept |
| 10 | Revenue and Expense recognition |
| 11 | Full disclosure/ Economic Entity concept |
| 13 | Matching/ fair value concept |
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The following are operational guidelines and practices that have developed over time for financial reporting. Select...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial reporting. Select the foundational principle that best justifies each of these procedures and practices. 1. Price-level changes (inflation and deflation) are not recognized in the accounting records. 2. Sufficient financial information is presented so that reasonably prudent investors will not be misled. 3. Property, plant, and equipment are capitalized and depreciated over the periods that they benefit. 4. There is no intent to liquidate...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a)...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
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 accounting concept that applies to each statement 0.76 points ebook References 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 useful...
For each of the following situations, (1) indicate whether you agree or disagree with the financial...
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...
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...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in measuring and reporting accounting Information Assumptions Principles a. Economic entity e. Historical cost b. Going-concern f. Revenue recognition Time-period 9 Expense recognition d. Monetary unit h. Conservatism Required: Identify the assumption or principle that best describes cach situation below. 1. Requires that an activity be recorded at the exchange price at the time the activity occurred. the owners. 2. Allows a company to report...
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....
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree...
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...
I need help with this problem. Thank You! Brief Exercise 2-10 For each item that follows,...
I need help with this problem. Thank You!
Brief Exercise 2-10 For each item that follows, identify the foundational principle of accounting that best describes it. (a) For its annual reports, Sumsong Corp. divides its economic activities into 12-month periods (b) Sullivan, Inc., does not adjust amounts in its financial statements for the effects of inflation (c) Kiran Ltd. reports current and non-current classifications in its statement of financial position (d) In preparing its consolidated financial statements, Paddy Corporation assesses...
Exercise 2-07 The following are operational guidelines and practices that have developed over time for financial reporting. Select the foundational principle that best justifies each of these procedures and practices. 1. Price-level changes (inflation and deflation) are not recognized in the accounting records. 2. Sufficient financial information is presented so that reasonably prudent investors will not be misled. 3. Property, plant, and equipment are capitalized and depreciated over the periods that they benefit. 4. There is no intent to liquidate...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References 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 useful...
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...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in measuring and reporting accounting Information Assumptions Principles a. Economic entity e. Historical cost b. Going-concern f. Revenue recognition Time-period 9 Expense recognition d. Monetary unit h. Conservatism Required: Identify the assumption or principle that best describes cach situation below. 1. Requires that an activity be recorded at the exchange price at the time the activity occurred. the owners. 2. Allows a company to report...
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....
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...
I need help with this problem. Thank You!
Brief Exercise 2-10 For each item that follows, identify the foundational principle of accounting that best describes it. (a) For its annual reports, Sumsong Corp. divides its economic activities into 12-month periods (b) Sullivan, Inc., does not adjust amounts in its financial statements for the effects of inflation (c) Kiran Ltd. reports current and non-current classifications in its statement of financial position (d) In preparing its consolidated financial statements, Paddy Corporation assesses...
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