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Match each of the numbered descriptions with the principle or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each description.
A. General accounting principle B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principleF. Matching principleG. Going concern assumptionH. Full disclosure principle1. Usually created by a pronouncement from an authoritative body.2. Financial statements reflect the assumption that the business continues operating.3. Derived from long used and generally accepted accounting practices.4. Every business is accounted for separately from its owner or owners.5. Revenue is recorded only when the earnings process is complete.6. Information is based on actual costs incurred in transactions.7. A company records the expenses incurred to generate the revenues reported.8. A company reports details behind financial statements that would impact users decisions.
On December 11, 2010, the Hooper Bank loans a customer $12,000 on a 60 day, 12% note.
it may not always be feasible for every company to have an accountant that is also a computer expert. in this respect
A health researcher is interested in determining whether or not the speed at which people walk is related to their cholesterol levels. He picks 100 adult volunteers at random, checks their cholesterol levels,
Explain whether the following items should be included in the inventory of The Knot, Inc., a company that arranges and supplies wedding services for couples and other wedding consultants. a. Goods are being held by The Knot on consignment from Emeral..
Why would errors be reduced if a company switched input methods from manual keying of source documents to a bar code system?
Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following?
Eastern Pacific Company sells a single product for $34 per unit. If variable expenses are 65% of sales and fixed expenses total $12,800, the break-even point in quantity and dollar($) will be:
during 2009 the ellis corporation had 370000 shares of 20 par common stock outstanding. on january 1 2009 2000 8
Indicate whether each procedure represents a strength or weakness. Explain your reasons. For each weakness, describe a change in procedures that would address the weakness.
What is Baker's inventory turnover? What is Baker's percent of assets committed to inventory? How does Baker's performance compare to the industry leaders?
in january 2007 installation costs of 8000 on new machinery were charged to repair expense. other costs of this
respond to the capstone discussion question. identify situations that might lead to unethical practices and behavior in
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