Which accounting principle is jackson violating

Assignment Help Financial Accounting
Reference no: EM132911535

Problem 1: Jackson Co. has inventory which costed $20,000 when purchased. The cost to replace the inventory has since dropped to $15,000. Jackson has continued to carry the inventory at $20,000. Which accounting principle is Jackson violating?

Option 1: Objectivity Principle
Option 2: Matching Principle
Option 3: Monetary Unit Assumption
Option 4: Full Disclosure Principle
Option 5: Conservatism Principle

Problem 2: Which of the following transactions will decrease profit?

Option 1: paid cash to a supplier for the purchase of office supplies to be used later
Option 2: purchased equipment for cash
Option 3: provided services to a customer
Option 4: paid utility expense for the month

Reference no: EM132911535

Questions Cloud

Best practices for making oral presentations : Please provide two best practices for making oral presentations. What suggestions can you offer for team presentations?
Contemporary theories of motivation : Choose one of the contemporary theories of motivation and describe why you would promote this theory over the others.
Describe the big five personality dimensions : 1) Describe the Big Five personality dimensions and give an example of each.
Address aesthetic problem : You should address an aesthetic problem, and/or analyze a television program, or film, drawing on the various aesthetic insights you are learning in this class.
Which accounting principle is jackson violating : Which accounting principle is Jackson violating? Jackson Co. has inventory which costed $20,000 when purchased. The cost to replace inventory has since dropped.
Determine carrying amount of intangible assets : A Company paid P250,000 to the competitor in total. Determine carrying amount of intangible assets as of December 31, 2019
Determining the type of pricing strategy : What type of pricing strategy does a typical pet groomer of cats and dogs use? Available options are: Yield Management, Loss Leader, Cocreation
What is the definition of pestel analysis : What is the definition of PESTEL analysis. What does each letter stand for in paragraph form
Public key infrastructure to function : Describe how asymmetric encryption allows Public Key Infrastructure (PKI) to function. How does symmetric encryption work to protect files?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much total interest did earl earn in june

10 days of the month, $1500 for the next 10 days of the month, and $600 for the last 10 days of the month, how much total interest did Earl earn in June?

  What is the earnings per share

If Carlos has 100,000 shares of common stock outstanding throughout the year, what is the earnings per share

  Provide advice on correct presentation of such intangible

At our recent board meeting several directors raised concerns. Provide advice on the correct presentation of such intangible assets?

  The injured persons were awarded personal injury judgments

Tina Grey bought a new Honda Civic and insured it with only 10/20/5 compulsory insurance. Driving up to her ski chalet one snowy evening, Tina hit a parked van and injured the couple inside. Tina’s car had damage of $6,500, and the van she struck had..

  What is the concept violated with reasons

What is the concept violated with reasons and suggest the effect it will have on financial statements in regard to qualities of good accounting information

  Make all necessary journal entries for the year ended

Make all necessary journal entries for the year ended 30 June 2022 for Safety Ltd. Show all workings and ignore present values.

  How much should reported in statement of financial position

How much should be reported in Silver's December 31, 2020 statement of financial position as current assets and non current assets

  Difference between approximate annual dollar-weighted yield

The investment balance of a firm is $5,000,000 at the beginning of a two-year period and $7,000,000 at the end. The firm makes a single contribution during the two-year interval of $1,200,000. What is the difference between the approximate annual dol..

  Calculate the weighted average cost of capital

Great Corporation has the following capital situation.Debt: One thousand bonds were issued five years ago at a coupon rate of 8%. They had 25-year terms and $1,000 face values. They are now selling to yield 9%. The tax rate is 39%

  Is the negative net income sustainable in the long term

It has a positive Gross Profit, positive Operating Income, and negative Income Before Taxes. Is the negative Net Income sustainable in the long term?

  Compute the total variable costs for three-ton load of trash

Mathes Corporation manufactures paper products. Compute the total variable costs for a three-ton load of trash from one of the plants.

  What inflation premium is built into 5-year bond yields

where t = number of years to maturity. What inflation premium (IP) is built into 5-year bond yields?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd