Homework Answers
Answer :-
- Product or service delivery.
- Accruals Accounting
- Macthing principal for product cost.
- Cash accounting
- Cash accounting
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A freshman at Brightest College is seeking your help on revenue and expense recognition and measurement...
A freshman at Brightest College is seeking your help on revenue and expense recognition and measurement...
A freshman at Brightest College is seeking your help on revenue and expense recognition and measurement criteria. Help match each of the items below to the appropriate principle. The company transferred the promised goods or performed the promised service to customers. Choose... Revenue should be recorded in the amount the company receives or expects to receive from the transaction Choose... The company paid $500,000 to purchase inventory in January, and sold all the inventory in the month of March. The...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. Revenue Recognition 1. Transaction Approach E. Business Entity J. Historical Cost Insert the applicable letter below 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 and later...
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...
. 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...
Boon Manufacturing Berhad has made several accounting changes to improve the matching of expense with revenue....
Boon Manufacturing Berhad has made several accounting changes to improve the matching of expense with revenue. The accounting period for the company ends on 31 December. The accounting.cecords for the year 2019 have not been adjusted or closed. Among the changes are the following: Boon Manufacturing Berhad purchased an equipment on 1 January 2016 at a market price of RM44.000.000. The finance manager estimated that the equipment would have 10- year life and no residual value. On 31 December 2019...
Chapter 1 Revenue and Expense Recognition ach date/transaction below, create the relevant journal entries INSTRUCTIONS: For...
Chapter 1 Revenue and Expense Recognition ach date/transaction below, create the relevant journal entries INSTRUCTIONS: For each date/transaction below, create the relevant for Inguinal, Blastech, and Screwage. Do the entries for these entities are enti entities one entity at a Be able to justify why you recognized any revenue or expense. For some date where is actually no recordable transaction. All these companies have 12/31 and entities, there is actually no recordable transa year ends. Inguinal Ballistics Inc., a weapon...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $2,700. 2. Issue common stock for cash, $5,000 3. Receive cash from customers who were previously billed, $1,200. 4. Incur utilities cost in the current month but do not pay, $500 5. Pay workers' salaries for the current month, $600....
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost...
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
Risk Prepaid Expense Equity Accounting Cycle General Journal Asset 60 Pro Forma Financial Statements Unearned Revenue...
Risk Prepaid Expense Equity Accounting Cycle General Journal Asset 60 Pro Forma Financial Statements Unearned Revenue Cost Benefit Constraint Matching Principle Debit Accumulated Depreciation Match each of the options above to the items below. Resources a company owns or controls. Information disclosed by an entity must have benefits to the user that are greater than the costs of providing it. A company records the expenses it incurred to generate the revenue reported. Uncertainty about the return we will earn. The...
A freshman at Brightest College is seeking your help on revenue and expense recognition and measurement criteria. Help match each of the items below to the appropriate principle. The company transferred the promised goods or performed the promised service to customers. Choose... Revenue should be recorded in the amount the company receives or expects to receive from the transaction Choose... The company paid $500,000 to purchase inventory in January, and sold all the inventory in the month of March. The...
S3-3 Applying the revenue recognition principle Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle to determine a. when Seacoast Magazine should record revenue for this situation. b. the amount of revenue Seacoast Magazine should record for eight issues. S3-4 Applying the matching principle Suppose on January 1, Andrew's Tavern prepaid rent of $16,800 for the full year. At...
4. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. Revenue Recognition 1. Transaction Approach E. Business Entity J. Historical Cost Insert the applicable letter below 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 and later...
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...
Boon Manufacturing Berhad has made several accounting changes to improve the matching of expense with revenue. The accounting period for the company ends on 31 December. The accounting.cecords for the year 2019 have not been adjusted or closed. Among the changes are the following: Boon Manufacturing Berhad purchased an equipment on 1 January 2016 at a market price of RM44.000.000. The finance manager estimated that the equipment would have 10- year life and no residual value. On 31 December 2019...
Chapter 1 Revenue and Expense Recognition ach date/transaction below, create the relevant journal entries INSTRUCTIONS: For each date/transaction below, create the relevant for Inguinal, Blastech, and Screwage. Do the entries for these entities are enti entities one entity at a Be able to justify why you recognized any revenue or expense. For some date where is actually no recordable transaction. All these companies have 12/31 and entities, there is actually no recordable transa year ends. Inguinal Ballistics Inc., a weapon...
Required For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $2,700. 2. Issue common stock for cash, $5,000 3. Receive cash from customers who were previously billed, $1,200. 4. Incur utilities cost in the current month but do not pay, $500 5. Pay workers' salaries for the current month, $600....
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
Risk Prepaid Expense Equity Accounting Cycle General Journal Asset 60 Pro Forma Financial Statements Unearned Revenue Cost Benefit Constraint Matching Principle Debit Accumulated Depreciation Match each of the options above to the items below. Resources a company owns or controls. Information disclosed by an entity must have benefits to the user that are greater than the costs of providing it. A company records the expenses it incurred to generate the revenue reported. Uncertainty about the return we will earn. The...
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