Homework Answers
| Entity assumption | f. John's personal assets do not appear on his business' balance sheet |
| Materiality | g.A $2 error in an account with a balance of $80,000 does not matter. |
| Full disclosure | a. all relevant information must be presented in the financial statements |
| consistency | b.x corp uses FIFO every year to value its inventory |
| historical cost | h. assets are not adjusted to their current value |
| conservatism | c. carefully make estimates to avoid overstating assets or net income |
| Going concern | e. the business plans to continue indefinitely |
| Revenue recognition | d. sales are recorded when the product is provided, not when we get paid. |
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Match the accounting principle on the left with the appropriate statement on the right. Entity assumption...
Match the accounting principle on the left with the appropriate statement on the right. ____ Entity...
Match the accounting principle on the left with the appropriate statement on the right. ____ Entity assumption a. All relevant information must be presented in the financial statements. ____ Materiality b. X Corp. uses FIFO every year to value its inventory. ____ Full disclosure c. Carefully make estimates to avoid overstating assets or net income. ____Consistency d. Sales are recorded when the product is provided, not when we get paid. ____ Historical cost e. The business plans to continue indefinitely....
. 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...
Identify the accounting assumption or principle that is described below. (a) select the accounting assumption or...
Identify the accounting assumption or principle that is
described below.
(a)
select the accounting assumption or principle
Going Concern AssumptionMonetary Unit AssumptionPeriodicity
AssumptionHistorical Cost PrincipleEconomic Entity AssumptionFull
Disclosure Principle
Is the rationale for why plant assets are not reported at
liquidation value. (Note: Do not use the historical cost
principle.)
(b)
select the accounting assumption or principle
Historical Cost PrincipleGoing Concern AssumptionEconomic Entity
AssumptionFull Disclosure PrincipleMonetary Unit
AssumptionPeriodicity Assumption
Indicates that personal and business record-keeping should be
separately maintained.
(c)...
Depreciation is the application of the: Select one: a. Expense recognition principle b. Business entity assumption...
Depreciation is the application of the: Select one: a. Expense recognition principle b. Business entity assumption c. Full disclosure principle d. Materiality principle
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
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...
Match the appropriate accounting assumption, principle, characteristic or constraint that is most applicable to each of...
Match the appropriate accounting assumption, principle, characteristic or constraint that is most applicable to each of the following cases: The company employs the same inventory valuation method from period to period. [Choose] Bad Debt Expense is estimated and recorded at year end. [Choose ] [Choose ] Rent received in advance is recorded Comparability as unearned rent revenue Full Disclosure Principle All significant post-balance sheet events Expense Recognition are reported Going Concern Assumption 0.5 pts
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below...
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below are basic assumptions and principles underlying financial reporting. a = Historical cost principle b = Going concern assumption c = Time period (periodicity) assumption d = Full disclosure principle e = Economic Entity assumption 24. The business will continue in operation for the foreseeable future. 25. Assets are recorded at cost and changes in market value are not recorded. 26. Financial information is reported...
Answer for a-f Identify the accounting assumption or principle that is described below. Is the rationale...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the best phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle...
Identify the accounting assumption or principle that is
described below.
(a)
select the accounting assumption or principle
Going Concern AssumptionMonetary Unit AssumptionPeriodicity
AssumptionHistorical Cost PrincipleEconomic Entity AssumptionFull
Disclosure Principle
Is the rationale for why plant assets are not reported at
liquidation value. (Note: Do not use the historical cost
principle.)
(b)
select the accounting assumption or principle
Historical Cost PrincipleGoing Concern AssumptionEconomic Entity
AssumptionFull Disclosure PrincipleMonetary Unit
AssumptionPeriodicity Assumption
Indicates that personal and business record-keeping should be
separately maintained.
(c)...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
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...
Match the appropriate accounting assumption, principle, characteristic or constraint that is most applicable to each of the following cases: The company employs the same inventory valuation method from period to period. [Choose] Bad Debt Expense is estimated and recorded at year end. [Choose ] [Choose ] Rent received in advance is recorded Comparability as unearned rent revenue Full Disclosure Principle All significant post-balance sheet events Expense Recognition are reported Going Concern Assumption 0.5 pts
Matching - 1 point Match the basic assumption or principle with the descriptions below. Presented below are basic assumptions and principles underlying financial reporting. a = Historical cost principle b = Going concern assumption c = Time period (periodicity) assumption d = Full disclosure principle e = Economic Entity assumption 24. The business will continue in operation for the foreseeable future. 25. Assets are recorded at cost and changes in market value are not recorded. 26. Financial information is reported...
Answer for a-f
Identify the accounting assumption or principle that is described below. Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Historical Cost Principle Monetary Unit Assumption Periodicity Assumption Economic Entity AssumptionAssumes that the dollar is the "measuring stick" used to report on financial performance. Full Disclosure Principle Going Concern Assumption (b) Indicates that personal and business record-keeping should be separately maintained. (d) Separates financial information into...
P4. Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the best phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance characteristic d. Periodicity assumption j. Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle...
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