for each item that follows, identify the foundational principles of accounting that best describes it. for...
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Foundational principal that dest describe
For its annual report,samsung corp.divides it's economic activities into 12 month period is - periodicity
Explanation:- in accounting periodicity means that accountant will assume that a company complex and on going activity can be devided up and report in annual quartely and monthly financial statements. The periodicity concept can be called the time interval concept. Is a period during which business enterprises are required to prepare financial statements at specific time interval.
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each item that follows, identify the foundational principles of
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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...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a)...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
Identify which specific qualitative characteristic of accounting information is best described in each item below A)...
Identify which specific qualitative characteristic of accounting information is best described in each item below A) The annual financial reports of Treelivingo Corp. are audited by public accountants B) Able Corp. and Mona Inc. both use the straight-line depreciation method. C) Global Corp. issues its quarterly reports within five days after each quarter ends D) Filipo Inc. segregates information that relates to one of its two subsidiaries, which was disposed of in the year but was included in its consolidated...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays...
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial statements. c. Moseley Inc.recorded land at its purchase price of $50,000. In future...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in measuring and reporting accounting Information Assumptions Principles a. Economic entity e. Historical cost b. Going-concern f. Revenue recognition Time-period 9 Expense recognition d. Monetary unit h. Conservatism Required: Identify the assumption or principle that best describes cach situation below. 1. Requires that an activity be recorded at the exchange price at the time the activity occurred. the owners. 2. Allows a company to report...
Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: Required: Identify the...
Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: Required: Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial...
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 which accounting principle or assumption best describes each of the following practices: 1. Stark Company's...
Identify which accounting principle or assumption best describes each of the following practices: 1. Stark Company's accounting system maintains the equipment account as if the business will continue operating and not close. 2. Mike Derr owns both Salling Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. 3. If $51 thousand cash is paid to buy land, the...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
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...
Exercise 2-06 For each situation that follows, identify the foundational principle that best describes it. (a) Allocates expenses to revenues in the proper period. (b) Indicates that market value changes after the purchase are not recorded in the accounts unless impairment exists. (Do not use the revenue recognition principle.) (c) Ensures that all relevant financial information is reported. (d) Is why plant assets are not reported at their liquidation value. (Do not use the historical cost principle.) Full disclosure Revenue...
-20Accounting,%20Volume%201.12th%20Canadian%20Edition%20.pdf E2.6 (LO 4) videa (Foundational Principles) The foundational principles and assumptions of accounting are as follows: Presentation and Recognition/Derecognition Measurement Disclosure 1. Economic entity 5. Periodicity 10. Full - disclosure 2. Control 6. Monetary 3. Revenue recognition and realization 4. Matching unit 7. Going concern 8. Historical cost 9. Fair value and value in use Instructions For each situation that follows, identify by its number the foundational principle above that is described. a. Allocates expenses to revenues in the...
Required Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial statements. c. Moseley Inc.recorded land at its purchase price of $50,000. In future...
Exercise 2-36 Assumptions and Principles Presented below are the four assumptions and four principles used in measuring and reporting accounting Information Assumptions Principles a. Economic entity e. Historical cost b. Going-concern f. Revenue recognition Time-period 9 Expense recognition d. Monetary unit h. Conservatism Required: Identify the assumption or principle that best describes cach situation below. 1. Requires that an activity be recorded at the exchange price at the time the activity occurred. the owners. 2. Allows a company to report...
Brief Exercise 2-28 Assumptions and Principles Five common accounting practices are listed below: Required: Identify the accounting principle or assumption that best describes each practice. a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. b. Jim Trotter owns C&S Heating Company. In preparing the financial statements, Trotter makes sure that the purchase of a new truck for personal use is not included in C&S's financial...
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 which accounting principle or assumption best describes each of the following practices: 1. Stark Company's accounting system maintains the equipment account as if the business will continue operating and not close. 2. Mike Derr owns both Salling Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. 3. If $51 thousand cash is paid to buy land, the...
E2-12 Presented below are the assumptions and principles discussed in this chapter Identify accounting assumptions and principles (LO 3), K 1. Full disclosure principle 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Historical cost principle 6. Economic entity assumption Instructions Identify by number the accounting assumption or principle that is described below. Do not use a number more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do...
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