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Accounting fundamentals based on accounting principles.
Presented below are the assumptions and principles discussed in this chapter.
1. Full disclosure principle. 2. Going concern assumption. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Economic entity assumption.
Instructions
Identify by number the accounting assumption or principle that is described below. Do not use a number more than once.
a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the cost principle.) b) Indicates that personal and business record-keeping should be separately maintained. c) Assumes that the dollar is the "measuring stick" used to report on financial performance. d) Separates financial information into time periods for reporting purpose. e) Indicates that companies should not record in the accounts market value changes subsequent to purchase. f) Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.
Preparation of Income statement from the given transactions - Purpose an income statement for the first year
Evaluate the basis of each shareholder's stock in the new corporation. Determine the basis of each property in the hands of the corporation.
What is the change in operating income for the year if $18.00 is the new price and costs remain the same?
Prepare an income statement for the year 2010, starting with Income from Continuing Operations before Taxes (part a). Consider the tax rate was 40%.
Do you recommend that the organization advise Mr. Olsen to make the gift unrestricted or restricted? Give your reasons.
Show entries to record the selected transactions described Issued $3,250,000 of 10-year, 8% bonds at 97.
Evaluate each of the following ratios using the "unadjusted" data as provided in column "F". For additional practice, recompute the ratios using the data you generate for the other columns.
Prepare the essential journal entries What is the Dollar Value of Cost of Goods Sold at January 31? What is the Dollar Value of Ending Inventory at January 31?
Evaluate the amount of the shortfall
Purpose a pension worksheet for the pension plan for 2013 and 2014.
How much of the total sales revenue is required to be paid with cash and how many customers transaction does the company imagine in January
Determine the key areas being addressed by the EITF and assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
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