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    Oct-2001 - Nov-2016

Category > Management Posted 04 Oct 2017 My Price 7.00

accounting principles,

Financial statements are prepared according to a number of accounting principles, some of which are listed below:

 

1. Business entity

2. Going concern

3. Monetary unit

4. Historical cost

5. Recognition

6. Consistency

7. Full disclosure

8. Matching

9. Materiality

Required: Identify the principle that would apply in each of the following situations. Explain your choice.

___________ a. An accountant for Caldwell Corporation records a $25 stapler with a five–year life as an    expense. Caldwell has total assets of $1,000,000.

 ___________ b. Fred Rozak, an independent consultant, must keep a set of books for his consulting firm and a separate set of books for his personal records.

___________ c. A machine is recorded at its purchase price of $9,000 and is not revalued at the end of the accounting period to reflect its market value of $10,000.

___________ d. An asset purchased in 1985 for $10,000 is not revalued even though it would take $30,000 in equivalent money to purchase the land today.

___________ e. Accountants of Hull Corporation do not record the value of its equipment at the much lower amount for which it could be sold in the near future.

___________ f. Investors of Spellman Corporation note that the accounting policy for valuing inventory has not changed from the prior fiscal year.

___________ g. Looten Corporation senior managers decide to disclose a recent $2 million lawsuit in a note to the financial statements even though the case will not likely be settled for two years

 

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Maurice Tutor
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Status NEW Posted 04 Oct 2017 11:10 PM My Price 7.00

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