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Problem 1) In each of the following separate cases at least one of the assumptions or concepts of the accounting conceptual framework has been violated.
Required:
Please identify accounting assumption(s) or concept(s) violated in each case.
1. The owner of Cars-r-Us bought a motor vehicle for his own use. He paid for the motor vehicle by writing a cheque on Cars-r-Us's account. He instructed the bookkeeper to debit the "Vehicle" account and credit the "Cash at Bank" account of Cars-r-Us for the amount paid for the vehicle.
2. The entire cost of a piece of equipment is charged to an expense account in the year the equipment was bought.
3. Because profit for the year was extremely small, no entry was done to make an allowance for doubtful debts (taking into consideration potential bad debts).
4. A firm had been charging depreciation on a building that it expected to use for 10 years, at the rate of one twentieth (10%) per annum. In the present year, the current cost of the building increased dramatically. This caused the accountant to double the depreciation expense.
When Juliette filed her tax return for hear 1 she filed a return separate from David. What is Juliette's most favorable filing for year 1.
The costs per equivalent unit were computed to be $2.40 for materials and $4.50 for conversion costs. What was the total cost of the units completed
Zeller and Merkel has some shares held in the treasury, and wonder if that might be another viable alternative to raising the needed funds.
ACC00724 Accounting for Managers Assignment. ABC Ltd makes trailers. It receives a special order to produce 350 trailers for a local retail outlet. Calculate the cost of the special order if ABC Ltd uses machine time as the basis for allocating overh..
1-On January 15, 2014, P&P made an entry to write-off $4 million of accounts receivable. On December 11, 2014, one of the customers whose account was written off paid $1,200,000 on their account. Required:
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you are a staff accountant in the controllers office of a company that operates warehouses in several states. one
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Items were purchased for 250 per unit. on august 10 two units were sold. using the last in first out method what is the total value of the inventory on hand
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