Homework Answers
Accounting Concepts
Part 1 :
The given statement is of Going Concern Concept
Going Concern : Under this concept, it is assumed that the company has all the resources to continue in existence for the forceable future and operates indefinitely unless there exists significant factors that affect the longevity of the entity.
Part 2 :
Th given statement signifies the use of Consistency accounting concept
Consistency : This concept says that similar transactions or events are recorded in similar manner not only in the current accounting period but accross all the accounting periods the business is in existence. Once you apply an accounting method or principle, then the business will apply the same methods or principle in coming years also
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SHORT EXERCISE State the accounting concept or convention which best explains each of the following statements:...
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...
Which one of the following statements best explains the most important difference between the balance sheet...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which one of the following statements best explains the most important difference between the balance sheet...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Hi need help with this question please. Which of the following statements best describes accounting? a)...
Hi need help with this question please.
Which of the following statements best describes accounting? a) An information system in which transactions with the company are accurately reported. b) An information system in which the underlying economic conditions of the organization are recorded, summarized, and reported. c) The reports management prepare for use in making decisions related to the financing, investing, and operating activities of a company. d) The reports that management prepares for the owners of the company summarizing...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates one or more accounting con- cepts. State which of these selected qualitative characteristics and accounting conventions- relevance, faithful representation, comparability, verifiability, timeliness, understandability, cost constraint, consistency, materiality, conservatism, or full disclosure-is (are) violated. 1. A company changes its method of accounting for depreciation. 2. The asset account for a pickup truck still used in the business is written down to what the truck could...
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...
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...
BACHELOR OF COMMERCE YEAR 1 - ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE [100] 10.2.3 ACCOUNTING 1:...
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...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
Please answer this problem to the best of your ability. It is for Managerial Accounting. Moira...
Please answer this problem to the best of your ability. It is for
Managerial Accounting.
Moira and Johnny graduate from college in May 2020 and begin developing their new business. They begin by offering clinics for basic acting skills such as improv or dramatic reading. Upon developing a customer base, they'll hold their acting retreat. These retreats will involve four- person teams that put together plays, skits, etc. to perform at the end of the retreat. In the long run,...
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...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Hi need help with this question please.
Which of the following statements best describes accounting? a) An information system in which transactions with the company are accurately reported. b) An information system in which the underlying economic conditions of the organization are recorded, summarized, and reported. c) The reports management prepare for use in making decisions related to the financing, investing, and operating activities of a company. d) The reports that management prepares for the owners of the company summarizing...
LO 1 Qualitative Characteristics and Accounting Conventions E2A. CONCEPT Each of the statements that follow violates one or more accounting con- cepts. State which of these selected qualitative characteristics and accounting conventions- relevance, faithful representation, comparability, verifiability, timeliness, understandability, cost constraint, consistency, materiality, conservatism, or full disclosure-is (are) violated. 1. A company changes its method of accounting for depreciation. 2. The asset account for a pickup truck still used in the business is written down to what the truck could...
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...
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...
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...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
Please answer this problem to the best of your ability. It is for
Managerial Accounting.
Moira and Johnny graduate from college in May 2020 and begin developing their new business. They begin by offering clinics for basic acting skills such as improv or dramatic reading. Upon developing a customer base, they'll hold their acting retreat. These retreats will involve four- person teams that put together plays, skits, etc. to perform at the end of the retreat. In the long run,...
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