Homework Answers
Answer-
| a.Transactions are recorded in terms of units of money | money measurement or monetary measurement concept |
| b. Transactions are recorded based on the actual amount received or paid | cash basis of accounting |
| c. Indicates that personal and business record keeping should be kept separate | business entity concept |
| d. Performance obligation has been satisfied | Revenue recognition |
| e. Businesses are expected to continue operating indefinitely | Going concern concept |
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Question 1 For each of the following description choose the correct terms: > (a) Transactions are...
View Policies Current Attempt in Progress For each of the following description choose the correct terms:...
View Policies Current Attempt in Progress For each of the following description choose the correct terms: (a) A company that raises money by issuing shares (b) An accepted set of accounting standards that includes broad principles, procedures, and concepts (c) Obligations to suppliers of goods (d) Amounts due from customers le) Owner's claims against the residual company's resources Payment of cash for costs incurred in advance of being used (B) A party that a company owes money to ( Resources...
Match the following terms with the descriptions below. Business risk Expected rate of retur [Choose] The...
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Question 1 Select the correct characteristic, concept, assumption, or constraint for the following 1. 2. The...
Question 1 Select the correct characteristic, concept, assumption, or constraint for the following 1. 2. The concept that determines when expenses are recognized is called is the process of determining the amount that should be recognized recognition principle requires that companies record in the accounting period in which the performance obligation 3. 4. 5. The amount an asset could be sold for in the market is called occurs when companies use the same accounting principles and methods from year to...
Question 4 12 pts Match the following phrases and terms. Some terms will not be used....
Question 4 12 pts Match the following phrases and terms. Some terms will not be used. No term will be used more than once. a method for keeping track of large amounts of homogenous units during the manufacturing process. [Choose ] a cost that does not increase proportionally with increases in volume over the relevant range, [Choose a cost that is difficult to efficiently trace to a product Choose ] follows ruled developed by the Internal Revenue Code [Choose) the...
Question Help EF1-18 (book/static) Consider the following accounting terms and definitions, and match each term to...
Question Help EF1-18 (book/static) Consider the following accounting terms and definitions, and match each term to the definition: (Click to view the accounting terms and definitions.) Tern Definition 1. Sole proprietorship 2. Faithful representation 3. Partnership 4. IFRS 5. Corporation 6. Audit 7. Cost principle 8. FASB 9. Creditors 10. SEC Choose from any drop-down list and then click Check Answer Х More Info a. Set of global accounting guidelines, formulated by the IASB b. Holds that fair market value...
For each of the following items, select the correct type of expenditure. Transactions Type of Expenditure...
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For the following transactions, identify which principle, constraint, or assumption would apply: Assume a partnership’s business...
For the following transactions, identify which principle, constraint, or assumption would apply: Assume a partnership’s business is going to continue indefinitely. Based upon the dollar amount of cash paid or received, transactions are recorded. An accountant may ignore expense accounts with low dollar balances when deciding which expense accounts, they may want to increase spending on. Benefits of a new software system should be greater than the costs to implement the new software system. Business owners should keep their personal...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1:...
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11-32 (Objective 11-3) The following is the description of sales and cash receipts for the Lady’s...
11-32 (Objective 11-3) The
following is the description of sales and cash receipts for the
Lady’s Fashion Fair, a retail store dealing in expensive women’s
clothing. Sales are mainly on account using the store’s own billing
rather than credit cards; however, some customers prefer to pay
cash.
Salesclerks assist customers and then direct them to the central
desk for payment. The computer used to enter sales is operated by
the store supervisor, who has been employed for 10 years by...
1) 2) 3) 4) 5) 3 BBM205/03 Answer ALL questions below. Question 1 Below was the...
1)
2)
3)
4)
5)
3 BBM205/03 Answer ALL questions below. Question 1 Below was the transactions worksheet of Selna Enterprise on April 1, 2020. + ASSETS Cash + + Account Receivables 3,600 Prepaid expenses 1,000 Supplies on hand 350 EQUITY Share capital 7,350 Retained earnings LIABILITY Account payable 4,400 2,000 The following transactions occurred during April: April 1 Collected RM2,000 cash in satisfaction of an amount owed by a customer. April 3 Billed RM3,000 to customers for chairs rented...
View Policies Current Attempt in Progress For each of the following description choose the correct terms: (a) A company that raises money by issuing shares (b) An accepted set of accounting standards that includes broad principles, procedures, and concepts (c) Obligations to suppliers of goods (d) Amounts due from customers le) Owner's claims against the residual company's resources Payment of cash for costs incurred in advance of being used (B) A party that a company owes money to ( Resources...
Match the following terms with the descriptions below. Business risk Expected rate of retur [Choose] The chance of a decline in the purchasing power of the monetary unit during the time money is invested. Return of the amount initially invested. A rate of return generated by an investment when there is virtually no chance that the return will not be generated. A summary measure of an investment's performance, stated as a percentage, based on the possible rates of return and...
Question 1 Select the correct characteristic, concept, assumption, or constraint for the following 1. 2. The concept that determines when expenses are recognized is called is the process of determining the amount that should be recognized recognition principle requires that companies record in the accounting period in which the performance obligation 3. 4. 5. The amount an asset could be sold for in the market is called occurs when companies use the same accounting principles and methods from year to...
Question 4 12 pts Match the following phrases and terms. Some terms will not be used. No term will be used more than once. a method for keeping track of large amounts of homogenous units during the manufacturing process. [Choose ] a cost that does not increase proportionally with increases in volume over the relevant range, [Choose a cost that is difficult to efficiently trace to a product Choose ] follows ruled developed by the Internal Revenue Code [Choose) the...
Question Help EF1-18 (book/static) Consider the following accounting terms and definitions, and match each term to the definition: (Click to view the accounting terms and definitions.) Tern Definition 1. Sole proprietorship 2. Faithful representation 3. Partnership 4. IFRS 5. Corporation 6. Audit 7. Cost principle 8. FASB 9. Creditors 10. SEC Choose from any drop-down list and then click Check Answer Х More Info a. Set of global accounting guidelines, formulated by the IASB b. Holds that fair market value...
For each of the following items, select the correct type of expenditure. Transactions Type of Expenditure (1) Purchased a patent, $4,300 cash (2) Paid $10,000 for monthly salaries. (3) Paid cash dividends, $20,000 (4) Purchased a machine, $7,000; gave a long-term note. (5) Paid three-year insurance premium, $900 (6) Paid for routine maintenance, $200, on credit. (7) Paid $400 for ordinary repairs. Paid $6,000 for improvements that lengthened the (8) asset's productive life. (9) Paid $20,000 cash for addition to...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1: ASSIGNMENT 2 QUESTION ONE [10] Four alternatives are presented for each of the following questions. Choose the correct alternative for each of the questions/statements. The letter corresponding to your choice must be recorded next to the question number in your solution. Example: Question No. 1.18 Alphabet F 1.1 Financial records are usually maintained using an assumption that the business intends to continue its operations...
11-32 (Objective 11-3) The
following is the description of sales and cash receipts for the
Lady’s Fashion Fair, a retail store dealing in expensive women’s
clothing. Sales are mainly on account using the store’s own billing
rather than credit cards; however, some customers prefer to pay
cash.
Salesclerks assist customers and then direct them to the central
desk for payment. The computer used to enter sales is operated by
the store supervisor, who has been employed for 10 years by...
1)
2)
3)
4)
5)
3 BBM205/03 Answer ALL questions below. Question 1 Below was the transactions worksheet of Selna Enterprise on April 1, 2020. + ASSETS Cash + + Account Receivables 3,600 Prepaid expenses 1,000 Supplies on hand 350 EQUITY Share capital 7,350 Retained earnings LIABILITY Account payable 4,400 2,000 The following transactions occurred during April: April 1 Collected RM2,000 cash in satisfaction of an amount owed by a customer. April 3 Billed RM3,000 to customers for chairs rented...
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