For each situation below, identify the assumption, concept or constraint that has been violated, if any...
For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this.
1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made:
Depreciation Expense—Stapler .................................................... 5 Accumulated Depreciation—Stapler....................................... 5
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For each situation below, identify the assumption,
concept or constraint that has been violated, if any...
asas 1. Define each of the terms below In 1 sentence, using your own words. GOING...
asas
1. Define each of the terms below In 1 sentence, using your own words. GOING CONCERN ASSUMPTION PERIODICITY CONCEPT ECONOMIC ENTITY CONCEPT COST CONSTRAINT HISTORICAL COST 2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required,...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense-Stapler 5 Accumulated Depreciation—Stapler. 5 2....
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense—Stapler 5 Accumulated Depreciation-Stapler. 5 2....
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....
Identify the accounting concept that describes each situation below. Do not use any concept more than...
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 principle.) choose the accounting concept Full disclosure principleMonetary unit assumptionHistorical cost principleRevenue recognition principleCost constraintExpense recognition principlePeriodicity assumptionEconomic entity assumptionMaterialityGoing concern assumption b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept Economic entity assumptionGoing concern assumptionExpense recognition...
Identify the accounting concept that was violated in each of the following situations.
Identify the accounting concept that was violated in each of the following situations.1. Pastel Paint Company purchased land two years ago at aprice of $250,000. Because the value of the land hasappreciated to $400,000, the company has valued the land at$400,000 in its most recent balance sheet.2.Atwel Corporation has not prepared financial statements forexternal users for over three years.3. The Klingon Company sells farm machinery. Revenue from alarge order of machinery from a new buyer was recorded theday the order...
Identify the basic assumption or broad accounting principle that was violated in each of the following...
Identify the basic assumption or broad accounting principle that was violated in each of the following situations. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet Atwell Corporation has not prepared financial statements for external users for over three years The Klingon Company sells farm machinery. Revenue from a 2. 3. large...
Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or...
Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. ཀྱི Reported at its fair value of $260.000 merchandise inventory with a cost of $208,000. @ The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charged it to his expense account Lopez Co.wanted to make its 2022 income look better, so it added 2 more weeks to its income statement reportin period (a 54-week...
4-5. Adjusting entries. For each of the following adjusting entries, identify whether the entry is correct....
4-5. Adjusting entries. For each of the following adjusting entries, identify whether the entry is correct. If it is not correct, provide the correct entry in the journal on the next page and specify why the entry given below is wrong. 1,500 Depreciation Expense Accumulated Depreciation 1,500 To record depreciation on trucks for one year. The trucks cost $30,000 and have no salvage value. They are being depreciated straight line over six years. 730 Interest Revenue Interest Receivable 730 To...
Identify the accounting concept that describes each situation below. Do not use any concept more than...
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 principle.) (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 on financial performance. (e) Requires that accounting standards be followed...
asas
1. Define each of the terms below In 1 sentence, using your own words. GOING CONCERN ASSUMPTION PERIODICITY CONCEPT ECONOMIC ENTITY CONCEPT COST CONSTRAINT HISTORICAL COST 2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required,...
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense-Stapler 5 Accumulated Depreciation—Stapler. 5 2....
2. Presented below are some business transactions that occurred during 2019 for ABC Company. Instructions: For each situation below, identify the assumption, concept or constraint that has been violated, if any and why. If the Journal Entry is incorrect, prepare the entry that should have been made. If no Journal Entry is required, state this. 1. A heavy duty stapler costing $25 is being depreciated over 5 years. The following entry was made: Depreciation Expense—Stapler 5 Accumulated Depreciation-Stapler. 5 2....
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....
Identify the accounting concept that was violated in each of the following situations.1. Pastel Paint Company purchased land two years ago at aprice of $250,000. Because the value of the land hasappreciated to $400,000, the company has valued the land at$400,000 in its most recent balance sheet.2.Atwel Corporation has not prepared financial statements forexternal users for over three years.3. The Klingon Company sells farm machinery. Revenue from alarge order of machinery from a new buyer was recorded theday the order...
Identify the basic assumption or broad accounting principle that was violated in each of the following situations. Pastel Paint Company purchased land two years ago at a price of $250,000. Because the value of the land has appreciated to $400,000, the company has valued the land at $400,000 in its most recent balance sheet Atwell Corporation has not prepared financial statements for external users for over three years The Klingon Company sells farm machinery. Revenue from a 2. 3. large...
Lopez Co. had three major business transactions during 2022. In each situation, identify the assumption or principle that has been violated. ཀྱི Reported at its fair value of $260.000 merchandise inventory with a cost of $208,000. @ The president of Lopez Co., Victor Lopez, purchased a truck for personal use and charged it to his expense account Lopez Co.wanted to make its 2022 income look better, so it added 2 more weeks to its income statement reportin period (a 54-week...
4-5. Adjusting entries. For each of the following adjusting entries, identify whether the entry is correct. If it is not correct, provide the correct entry in the journal on the next page and specify why the entry given below is wrong. 1,500 Depreciation Expense Accumulated Depreciation 1,500 To record depreciation on trucks for one year. The trucks cost $30,000 and have no salvage value. They are being depreciated straight line over six years. 730 Interest Revenue Interest Receivable 730 To...
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 principle.) (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 on financial performance. (e) Requires that accounting standards be followed...
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