The Cost Principle mandates that cost be used when recording transactions because A. Cost is Objective...
The Cost Principle mandates that cost be used when recording transactions because
| A. |
Cost is Objective |
|
| B. |
Cost is easy to determine |
|
| C. |
Cost is the absolute value |
|
| D. |
None of the above |
Homework Answers
Answer: A.Cost is Objective
The 'cost principle' mandates that the initial recording of an asset or liability be done at its original cost of acquisition. The principle is advocated, mainly because, it is easy to use the original purchase price as objective and verifiable evidence of value.
Add Answer to:
The Cost Principle mandates that cost be used when recording
transactions because
A.
Cost is Objective...
The Allowance method of recording Bad Debt Expense is required because of the: A. B. D....
The Allowance method of recording Bad Debt Expense is required because of the: A. B. D. C. Matching Principle Matching and Cost Principle Materiality Principle None of the above The Direct method of recording bad debts can be used if: A. B. C. The amount is small the Materiality Principle can be used the Revenue Principle is not violated all of the above D. Which accounting method for depreciation would you use if you wanted your EPS to be the...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
#37) In the context of product liability, the principle of the least cost avoider a) ...
#37) In the context of product liability, the principle of the least cost avoider a) Explains product warranties. b) Implies that the producer should bear all the costs associated with accidents related to its product's use. c) Implies that the producer should bear none of the costs associated with accidents related to its product's use d) Implies that the producer should bear the costs associated with accidents related to its...
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost...
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
Continuous improvement is: a. Philosophy of production rather than a principle b. Is used...
Continuous improvement is: a. Philosophy of production rather than a principle b. Is used to manage quality of products to satisfy customers c. Rejects the notion of “good enough”. d. All of the above e. None of the above.
Anthropologists use the term civilization to refer to: a. Societies that have religious ethics and high...
Anthropologists use the term civilization to refer to: a. Societies that have religious ethics and high moral codes. b. Societies without inequality and violence. c. Societies with a centralized authority and urban settlements. d. Societies with highly developed forms of art, culture and literature. Which of the following is not among the three primary goals of archaeology? a. processual archaeology b. cultural change c. culture history d. cultural reconstruction. In any body of layered, undisturbed sediment, the oldest layers are...
1. Which of the following accounts are used when recording a purchase using a periodic inventory...
1. Which of the following accounts are used when recording a purchase using a periodic inventory system? a. cash, purchases b. accounts payable, sales c. accounts payable, accounts receivable d. cash, merchandise inventory 2. A multi-step income statement ________. a. separates cost of goods sold from operating expenses b. considers interest revenue an operating activity c. is another name for a simple income statement d. combines cost of goods sold and operating expenses 3. A customer returns $870 worth of...
1. When a company special lournals the general journal is used for selected transactions and events...
1. When a company special lournals the general journal is used for selected transactions and events including: 4. Recording adjusting transactions. B. Posting transactions to special journals. C Accumulating debits and credits. D. Collecting detailed listings of amounts. E Recording cash receipts. 42. A subsidiary ledger: ludes transactions not covered by special journals. B. Is a listing of all of the accounts of a business. E of individual accounts and amounts with a common characteristic. C. Isa listing of individual...
Chromium(IV) oxide is used in making magnetic recording tapes because of its paramagnetic properties. a) Give...
Chromium(IV) oxide is used in making magnetic recording tapes because of its paramagnetic properties. a) Give the electron configuration of Cr and determine the number of unpaired electrons on each chromium atom. b) Suggest an ion from the same row of the periodic table that might be even more paramagnetic.
The Allowance method of recording Bad Debt Expense is required because of the: A. B. D. C. Matching Principle Matching and Cost Principle Materiality Principle None of the above The Direct method of recording bad debts can be used if: A. B. C. The amount is small the Materiality Principle can be used the Revenue Principle is not violated all of the above D. Which accounting method for depreciation would you use if you wanted your EPS to be the...
When inventory prices are increasing, which inventory valuation method would give you the lowest cost of goods sold? B. FIFO LIFO Weighted Average Specific Identification D. The net method of recording sales violates the: A. Matching Principle Cost Principle Revenue Principle De here] D. None of the Above The formula for calculating the COGS when using the periodic inventory system is COGS=COST-SALVAGE VALUE/LIFE COGS=SALES LESS EXPENSES COGS=BI+NP-EI COGSEBEGING INVENTORY-ENDING INVENTORY-GAFS D.
Problem 1 Fill in the blanks below with the accounting principle that best applies. A. Cost B. Business Entity C. Going Concern D. Unit of Measurement E. Objective Evidence F. Full Disclosure G. Consistency H. Matching I. Conservatism J. Materiality 1.A lodging company pays a fire insurance premium of $40,000. The policy covers a two-year period. The 2.A guestroom wastebasket costing $20 is expensed when it is purchased. The wastebasket should have a 3.The food inventory is generally valued at...
1. When a company special lournals the general journal is used for selected transactions and events including: 4. Recording adjusting transactions. B. Posting transactions to special journals. C Accumulating debits and credits. D. Collecting detailed listings of amounts. E Recording cash receipts. 42. A subsidiary ledger: ludes transactions not covered by special journals. B. Is a listing of all of the accounts of a business. E of individual accounts and amounts with a common characteristic. C. Isa listing of individual...
Chromium(IV) oxide is used in making magnetic recording tapes because of its paramagnetic properties. a) Give the electron configuration of Cr and determine the number of unpaired electrons on each chromium atom. b) Suggest an ion from the same row of the periodic table that might be even more paramagnetic.
Most questions answered within 3 hours.
-
Hows does water affect the digestion of fats ?
asked 1 hour ago -
A buffer that contains 0.41 M of a base, B and 0.21 M of its
conjugate...
asked 1 hour ago -
Pleaaaaaaaasssssse help me please please it's more important
:((((((((((((((((((((
CASE STUDY
Nissan Company
Nissan Motor Company,...
asked 1 hour ago -
Calculate the concentration of hydronium and hyroxide ions in 1)
2.0 mol/L HNO3 2) 0.5 mol/L...
asked 2 hours ago -
In a loop-the-loop ride a car goes around a vertical, circular
loop at a constant speed....
asked 2 hours ago -
50 grams each of water (18.015 g/mol) and ethylene glycol
(C2H6O2) (62.07 g/mol) are mixed. At...
asked 2 hours ago -
The life expectancy of sport utility vehicles follows a normal
distribution with a mean of 145.8...
asked 2 hours ago -
If an object with mass of 5 kg is pushed with a force of 552 N,...
asked 2 hours ago -
Suppose your program already has a list called nums, which
contains several numbers. Write a for...
asked 2 hours ago -
A spherical shell with a finite thickness just barely floats in
water. If the shell is...
asked 2 hours ago -
Explain in detail whether the following is true or false:
Total factor productivity will rise only...
asked 2 hours ago -
A firm pays a $2.50 dividend at the end of year one
(D1), has a stock...
asked 2 hours ago