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Category > Accounting Posted 22 Jul 2017 My Price 11.00

principles, and exceptions

Accounting assumptions, principles, and exceptions

The following excerpts were taken from the annual reports of a variety of companies:

  1. The company"s reporting period ends on the Saturday closest to January 31 (The Limited).
  2. The consolidated financial statements include the accounts of Federal Express and its wholly owned subsidiaries (Federal Express).
  3. Inventories are valued primarily at the lower of cost or market value (JCPenney).
  4. Certain reclassifications have been made for prior years to conform with this year"s presentation (Wendy"s International).
  5. Revenues from the distribution of motion pictures are recognized when motion pictures are exhibited (Walt Disney).
  6. In an ongoing investigation, the Antitrust Division of the U.S. Department of Justice requested information from Microsoft concerning various issues. Management currently believes that resolving these matters will not have a material adverse impact on the company"s financial position or operations (Microsoft).
  7. Flight equipment is depreciated on a straight-line basis over a 20-year useful life (Delta Air Lines).
  8. Intangible assets are carried on the balance sheet at cost (Merck).
  9. Property and equipment are recorded at cost (Apple, Inc.).
  10. Inflation rates, even though moderate in many parts of the world, continue to have an effect on worldwide economies but have had no effect on the company"s reported financial position and performance (Johnson & Johnson).

Match each of the ten assumptions, principles, and exceptions below with one of the ten excerpts.

Assumptions

Principles

Exceptions

Economic entity

Objectivity

Materiality

Stable dollar

Matching

Conservatism

Fiscal period

Revenue recognition

  

Going concern

Consistency

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 06:07 PM My Price 11.00

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