Matching Transactions with Concepts Following are the concepts of accounting covered in Chapters 2 through 5. Match
Question:
Following are the concepts of accounting covered in Chapters 2 through 5. Match each transaction or definition with its related concept by entering the appropriate letter in the space provided. Use one letter for eachblank.
Transcribed Image Text:
Concepts Transactions/Definitions (1) Users of financial A. Recorded a $1,000 sale of merchandise on credit. B. Counted (inventoried) the unsold items at the end of the period and valued them in dollars. C. Acquired a vehicle for use in operating the business. D. Reported the amount of depreciation expense because it likely will affect important decisions of statement users. E. The investors, creditors, and others interested in the business. F. Used special accounting approaches because of the uniqueness of the industry. G. Sold and issued bonds payable of $1 million. H. Used services from outsiders; paid cash for some and put the remainder on credit. I. Engaged an outside independent CPA to audit the statements (2) Objective of financial statements Qualitative Characteristics (3) Relevance (4) Reliability Assumptions Separate entity (6) Continuity (7) Unit of measure (8) Time period financial statements. J. Sold an asset at a loss that was a peripheral or inciden- Elements of Financial Statements tal transaction. (9) Revenues (10) Expenses (11) Gains (12) Losses K. Established an accounting policy that sales revenue shall be recognized only when ownership to the goods sold passes to the customer. L. To design and prepare the financial statements to assist the users in making decisions. M. Established a policy not to include in the financial statements the personal financial affairs of the owners of the business. (13) Assets (14) Liabilities (15) Stockholders" equity Principles N. Sold merchandise and services for cash and on credit (16) Cost during the year; then determined the cost of those goods sold and the cost of rendering those services. O. The user value of a special financial report exceeds the cost of preparing it. P. Valued an asset, such as inventory, at less than its pur- chase cost because the replacement cost is less. Q. Dated the income statement "For the Year Ended (17) Revenue (18) Matching (19) Full disclosure Constraints of Accounting (20) Materiality threshold (21) Cost-benefit constraint (22) Conservatism constraint (23) Special industry practices December 31, 2011." R. Paid a contractor for an addition to the building with $10,000 cash and $20,000 market value of the stock of the company ($30,000 was deemed to be the cash-equivalent price). S. Acquired an asset (a pencil sharpener that will have a useful life of five years) and recorded it as an expense when purchased for $1.99. T. Disclosed in the financial statements all relevant finan- cial information about the business; necessitated the use of notes to the financial statements. U. Sold an asset at a gain that was a peripheral or incidental transaction. V. Assets of $500,000 – Liabilities of S300,000 = ? W. Accounting and reporting assume a "going concern." %3!
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (7 reviews)
1 E 2 L 3 D 4 I 5 M 6 ...View the full answer
Answered By
Benish Ahmad
I'm a professional software engineer. I'm lectutrer at GCUF and I have 3 years of teaching experience. I'm looking forward to getting mostly computer science work including:
Programming fundamentals
Object oriented programming
Data structures
object oriented design and analysis
Database system
Computer networks
Discrete mathematics
Web application
I am expert in different computer languages such as C++, java, JavaScript, Sql, CSS, Python and C#. I'm also have excellent knowledge of essay writing and research. I have worked in other Freelancing website such as Fiverr and Upwork. Now I have finally decided to join the SolutionInn platform to continue with my explicit work of helping dear clients and students to achieve their academic dreams. I deliver plagiarism free work and exceptional projects on time. I am capable of working under high pressure.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
The concepts of accounting covered in Chapters 2 through 6 are shown below. Match each transaction with its related concept by entering the appropriate letter in the space provided. Use only one...
-
Following are the concepts of accounting covered in Chapters 2 through 5. Match each transaction or definition with its related concept by entering the appropriate letter in the space provided. Use...
-
Match each transaction or event to one of the following activities of an organization: financing activities (F), investing activities (I), or operating activities (O). 1. An owner contributes...
-
Now apply one of those decision making models (Philosophical) to this scenario: Scenario: You are a CPA in the accounting department at a HealthCare System with three other accountants. You are good...
-
This case, based on Indigo Books & Music Inc.'s (Indigo's) balance sheet in Appendix A at the end of this book and on MyAccountingLab, will familiarize you with some of the assets and liabilities of...
-
A block R of rubber is confined between plane parallel walls of a steel block (see figure). A uniformly distributed pressure P0 is applied to the top of the rubber block by a force F. (a) Derive a...
-
Tamekas income for the month of January was \($2,375.\) Her fixed expenses during that same month were \($750,\) and her variable expenses totaled \($1,750\).
-
Watchdog Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Watchdog Company prepared the end-of-period spreadsheet shown below at July 31, 2014, the...
-
In the event that the company receives an intangible asset as a government grant, how is it proven in accounting according to international accounting standards, explaining the extent to which this...
-
A long steel circular tube of 25.4 cm diameter and 0.32 cm wall thickness is subjected to an interior pressure of 4.83 MPa. The ends of the tube are closed. The yield stress of the steel is 227 MPa....
-
Computing and Interpreting Return on Assets Saunders, Inc., recently reported the following December 31 amounts in its financial statements (dollars in thousands): Compute return on assets for the...
-
Matching Definitions with Balance SheetRelated Terms Following are terms related to the balance sheet that were discussed in Chapters 2 through 5. Match each definition with its related term by...
-
Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Casey Ryan, Capital d. Casey Ryan, Drawing e. Cash f....
-
Mar 3 1 A customer returned $ 5 , 0 0 0 of merchandise in good condition. The cost of the merchandise as $ 2 , 4 0 0 . 1 . Complete journal entries for each of the transactions.
-
ASF Security Example greenville inc purchases 2 0 0 , 0 0 0 , 8 % , 5 year bond on january 1 2 0 x 0 ; interest is payable on january 1 and july 1 . the bond sold for 2 1 7 , 0 6 0 , an effective...
-
Concord Company manufactures two products, Regular and Supreme. Concord's estimated overhead costs consist of machining, $4600000; and assembling, $500000. Information on the estimated use of the...
-
Purchase a house that is estimated to cost R 1 4 0 0 0 0 0 in five years time.c ) Determine the amount you expect to pay to purchase each preference share in five years time.
-
Pronghorn Industries has three activity cost pools and two products. It estimates production 2,000 units of Product BC113 and 1,000 of Product AD908. Having identified its activity cost pools and the...
-
What are the implications of the recent changes to HIPAA with regard to protecting PHI?
-
1. What are some current issues facing Saudi Arabia? What is the climate for doing business in Saudi Arabia today? 2. Is it legal for Auger's firm to make a payment of $100,000 to help ensure this...
-
What are the advantages of database systems and database management?
-
If the Bonds Payable account has a balance of $700,000 and the Discount on Bonds Payable account has a balance of $36,000, what is the carrying value of the bonds?
-
Which accounts are debited and which are credited if a bond issue originally sold at a premium is redeemed before maturity at 97 immediately following the payment of interest? Discuss.
-
Barbara Monroe, the chief financial officer of Helaine Inc., is considering the options available to her for financing the companys new plant. Shortterm interest rates right now are 6%, and long-term...
-
Optimus Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for...
-
(Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on hand,...
-
Financial information for American Eagle is presented in Appendix A, and financial information for Buckle is presented in Appendix B. Required: 1. Calculate the cash holdings ratio for both companies...
Study smarter with the SolutionInn App