Homework Answers
- A twelve month accounting period : Fiscal year
-Expenses paid before they are incurred : Prepaid expenses
-Cost less accumulated depreciation : Book value
-Divides the economic life of a business into artificial time period : Timeperiod assumption
-Efforts are related to accomplishments : Matching Principle
-A contra asset account : Accumulated depreciation.
-Recognition of revenue when the performance obligation is satisfied : Revenue recognition principle
-Revenues recognised but not yet received : Accrued revenue
-Expenses incurred but not yet paid : Accrued expenses
-A cost allocation process : Depreciation
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CALCULATOR PRINTER VI Matching Question 257 Match the following statements to the appropriate terms. A twelve...
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....
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...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
ent CALCULATOR i FULL SCREEN PRINTER VERSİON BAO Exercise 4-2 Identify the accounting concept that describes...
ent CALCULATOR i FULL SCREEN PRINTER VERSİON BAO Exercise 4-2 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 priniple.) (b) Indicates that personal and business recordkeeping should be separately maintained (c) 、Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick used to report...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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....
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...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
ent CALCULATOR i FULL SCREEN PRINTER VERSİON BAO Exercise 4-2 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 priniple.) (b) Indicates that personal and business recordkeeping should be separately maintained (c) 、Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick used to report...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
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