dentify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint. 1....
| dentify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint. | |||||||||||||||
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Homework Answers
| 1 | Measurement | Principle |
| 2 | Going concern | Assumption |
| 3 | Benefit exceeds cost | Constraint |
| 4 | Time period | Assumption |
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dentify the following terms/phrases as either an accounting: (a) principle, (b) assumption, or (c) constraint. 1....
Identify each of the following terms or phrases as either an accoun 1. Time period Business...
Identify each of the following terms or phrases as either an accoun 1. Time period Business entity 2. 2 3. Measurement 4. Cost-benefit assumption constraint principle
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....
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
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)...
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
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...
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts....
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from L B that is most appropriately associated with it. List B 0.76 points eBook List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concem assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle References
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...
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...
State the accounting assumption, principle, or constraint that is most applicable in the following cases. 1....
State the accounting assumption, principle, or constraint that is most applicable in the following cases. 1. Financial statements are prepared each year. 2. The company employs the same inventory valuation method from period to period. 3. All significant post-balance sheet events are reported. 4. A patent is capitalized and amortized over the periods benefited. 5. Assuming that dollars today will buy as much as ten years ago. 6. Rent paid in advance is recorded as prepaid rent. 7. All payments...
Identify each of the following terms or phrases as either an accoun 1. Time period Business entity 2. 2 3. Measurement 4. Cost-benefit assumption constraint principle
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....
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure 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)...
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
lomework 3. Chi Saved Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from L B that is most appropriately associated with it. List B 0.76 points eBook List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concem assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle References
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...
State the accounting assumption, principle, or constraint that is most applicable in the following cases. 1. Financial statements are prepared each year. 2. The company employs the same inventory valuation method from period to period. 3. All significant post-balance sheet events are reported. 4. A patent is capitalized and amortized over the periods benefited. 5. Assuming that dollars today will buy as much as ten years ago. 6. Rent paid in advance is recorded as prepaid rent. 7. All payments...
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