Identify the basic assumption, accounting principle, or constraint that applies to each statement. See bottom for...
Identify the basic assumption, accounting principle, or constraint that applies to each statement. See bottom for list of choices. Also Circle “OK” or “NOT OK”. Choose Not OK if the explanation violates the assumption, principle or constraint. (10 points):
1. Wagner Corporation adjusted the value of all assets and liabilities to reflect changes in the purchasing power of the dollar, Wagner uses the current rate of inflation as a guide.
OK NOT OK Assumption/Principle: ______________________
2. Maui Jims, Inc., provides financial statements quarterly and annually.
OK NOT OK Assumption/Principle: ______________________
3. Penn Company lists land on its balance sheet at $120,000, its original purchase price, even though the land has a current fair value of $300,000.
OK NOT OK Assumption/Principle: ______________________
4. Cypress Inc. records revenue when products are delivered to customers, even though the cash has not yet been received.
OK NOT OK Assumption/Principle: ______________________
5. Gigantic Corporation purchased two small calculators at a cost of $32.00. The cost of the calculators was expensed even though they had a three-year estimated useful life.
OK NOT OK Assumption/Principle: ______________________
Choices:
Comparability
Matching principle
Periodicity
Materiality
Neutral
Verifiability
Relevance
Historical cost
Going Concern
Monetary Unit
Revenue Recognition
Present Value
Homework Answers
Answer is given below
Add Answer to:
Identify the basic assumption, accounting principle, or
constraint that applies to each statement. See bottom for...
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree...
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and stat the accounting concept that is applied (if you agree) or violated (if you disagree). 76 oints eBook 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
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....
answer agree or disagree for the 7 different situations then choose from the answer choices i...
answer agree or disagree for the 7 different situations then
choose from the answer choices i added pictures of
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the accounting concept that is applied if you agree) or violated (if you disagree). 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. 2. Spooner Oil Company changed its...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it is related. Select an option below to match with each question: A) Time Period or Periodicity Assumption B) Economic Entity Assumption C) Fair Value D) Revenue and Expense Recognition Principle E) Revenue Recognition Principle F) Cost principle G) Full Disclosure Principle H) Separate or Economic entity Principle I) Expense Recognition Principle 1) The amount of goodwill recorded by a company that purchases another company...
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
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept...
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption,...
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or component that applies to each statement. Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders Hewlett-Packard Corporation depreciates machinery and equipment over their...
For each of the following situations, indicate whether you agree or disagree with the financial reporting...
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree) 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost....
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...
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...
mework 3: Ch16 Saved Help 12 For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and stat the accounting concept that is applied (if you agree) or violated (if you disagree). 76 oints eBook 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from...
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....
answer agree or disagree for the 7 different situations then
choose from the answer choices i added pictures of
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the accounting concept that is applied if you agree) or violated (if you disagree). 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar. 2. Spooner Oil Company changed its...
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
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or component that applies to each statement. Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders Hewlett-Packard Corporation depreciates machinery and equipment over their...
For each of the following situations, indicate whether you agree or disagree with the financial reporting practice employed and state the basic assumption, component, or accounting principle that is applied (if you agree) or violated (if you disagree) 1. Wagner Corporation adjusted the valuation of all assets and liabilities to reflect changes in the purchasing power of the dollar 2. Spooner Oil Company changed its method of accounting for oil and gas exploration costs from successful efforts to full cost....
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...
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...
Most questions answered within 3 hours.
-
The time to complete a standardized exam is approximately normal
with a mean of 70 minutes...
asked 1 hour ago -
Two thousand randomly selected adults were asked whether or not
they have ever shopped on the...
asked 1 hour ago -
Estimate the diffusion coefficient for methyl phenyl sulfide in
water at 25 degrees Celcius.
asked 1 hour ago -
10.g of a certain metal absorb 40. cal of heat and the temperature
is abserved to...
asked 1 hour ago -
How many milliliters of 0.0695 M Ca( OH)
2would be required to exactly neutralize 176 mL...
asked 2 hours ago -
A telephone survey uses a random digit dialing machine to call
subjects. The random digit dialing...
asked 3 hours ago -
How can having too little or too much of a certain
protein cause problems for an...
asked 4 hours ago -
Assume a muscle has a PCSA = 20 cm2 and Lo = 12 cm. Assume it...
asked 6 hours ago -
What is the yield to maturity of a ten-year, $1,000 bond with a
5.2% coupon rate...
asked 6 hours ago -
A mass m = 5 kg is tied on one end of a rope and is...
asked 6 hours ago -
The Average sales price of single-family houses in Charlotte is
$210,000 with a standard deviation of...
asked 6 hours ago -
Target Costing
Laser Impressions, Inc., manufactures color laser printers.
Model J20 presently sells for $225 and...
asked 7 hours ago