Information relative to litigation was not reported on the

Assignment Help Accounting Basics

Reference no: EM13481957

Listed below are several assumptions and principles followed by transactions and events which violate the assumptions and principles. Match the terms with the violations.

(A) economic entity (B) full disclosure (C) going concern (D) historical cost (E) expense recognition (F) monetary unit (G) periodicity

(H) revenue recognition

1. Assets were reported in the financial statements at liquidation values, although the company was on sound financial footing.

2. Financial statements are issued on an irregular basis.

3. Information relative to litigation was not reported on the financial statements for fear it would drive the price of the company's shares down prior to a public offering.

4. Plant assets have been written up to relect a booming real estate market.

5. A company reports a wholly owned Mexican subsidiary in pesos.

6. Personal assets have been included in the financial statements of closely held company.

7. Revenue was recorded upon receipt of a firm order from a well established customer.

8. Due but unpaid salaries at year end were charged to expense in the following year.

Reference no: EM13481957

Questions Cloud

The test revealed the following book carrying value of : numa has been experiencing declining market conditions for its sports wear division. management decided to test the

Which of the following is a change in : which of the following is a change in estimate?1a change from thefull costing method in the extractive industries.2a

Which of the following is an example of achange in : which of the following is an example of achange in accounting principle?1a change indepreciation methods.2a change in

Prepare the appropriate journal entries to record any : the following selected transactions relate to provisions or contingencies of classical tool makers inc. which began

Information relative to litigation was not reported on the : listed below are several assumptions and principles followed by transactions and events which violate the assumptions

Prepare the july income statement for wreckin ronnie assume : the following events took place for wreckin ronnie inc. during july2008 the first month of operations as a producer of

Calculate the present value of a stream of income when : calculate the present value of a stream of income when thediscount rate 8 and you earnedyear 1 42000000.00year 2

Show the ending balances in accounts receivable : google party planners had a 40000 balance in accountsreceivable and a 3000 credit balance in allowance for

Assuming sales of the sprinklers in 2009 were 3600000 and : warranty expense. woodmier lawn products introduced a new line of commercial sprinklers in 2008 that carry a one-year

User Account

All Pages