The owner of a business purchased a new television for his own use and charged the amount

Question:

The owner of a business purchased a new television for his own use and charged the amount to his drawings account. Which accounting concept is this an example of?

A. Accruals

B. Business entity

C. Consistency

D. Prudence

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting For Cambridge International AS And A Level

ISBN: 9780198399711

1st Edition

Authors: Jacqueline Halls Bryan, Peter Hailstone

See More Books

Question Posted: Sep 15, 2021 03:57 AM

See More Questions

The owner of a business told her accountant that she paid her personal revolving charge account with a 30-day, 6.5 percent note for $ 10,000, signed by her business. At the end of the 30 days, the...
The owner of a business says, I cannot uniquely determine the profitability of one of my joint products, but I can uniquely determine its contribution toward joint costs and profit. Explain.
The owner of a business is presented with two alternative projects. The first project involves the investment of $5000 now. In return, the business will receive a payment of $8000 in 4 years and a...
Paul Anchor, Incorporated estimated that bad debt expense would equal 4% of the ending balance of accounts receivable for the current year. This years ending balance of accounts receivable amounted...
Identify the spectator ions in Exercises 9 and 10. In Exercises 9, write the net ionic equation for the reaction of FeCl2(aq) and AgNO3(aq). You may have to consult the solubility rules. In Exercises...
Donkey Corporation has collected the following information after its first year of sales. Net sales were $1,000,000 on 50,000 units; selling expenses $200,000 (30% variable and 70% fixed); direct...
Describe various forms in which an estate may be distributed. AppendixLO1
Write the audit approach section like the cases in the chapter. Hide the Loss under the Goodwill Gulwest Industries, a public company, decided to discontinue its unprofitable line of business of...
The following accounts pertain to Ali and Basil partnership: cash 1 0 0 0 0 , non - cash assets 9 0 0 0 0 , liabilities 3 0 0 0 0 , Ali capital 5 0 0 0 0 and Basil capital 2 0 0 0 0 . The income...
Given: E(R1) = 0:10 E(R2) = 0:15 E(1) = 0:03 E(2) = 0:05 Calculate the expected returns and expected standard deviations of a two-stock portfolio in which Stock 1 has a weight of 60 percent under the...
Kate purchased new machinery for her business at a cost of $69,000. She estimates that the machinery will have a useful economic life of eight years and that it will have a residual value of $9000....
Explain the term 'capital expenditure' and give two examples of it.
Team Assignment: Analyzing Financial Position Using a listing of companies provided by your instructor or J other listings you have available: a. Select two companies that are in different types of...
The air in an automobile tire with a volume of $0.015 \mathrm{~m}^{3}$ is at $30^{\circ} \mathrm{C}$ and $140 \mathrm{kPa}$ (gage). Determine the amount of air that must be added to raise the...
Convex Productions has just received a contract to film a commercial video that will air during a major sporting event in North America, and then be available on-demand through banner advertisements...
The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Companys four departments used in manufacturing its nly product. Assuming that Olympus...
If relative volatility can be assumed constant over the change in concentration for each fraction, Eq. $(9-13)$ can be adapted to the collection of fractions from a simple binary batch...
(a) Design a PI controller for Problem 8.6-4(b). (b) Design a PD controller for Problem 8.6-4(c). (c) Use the results of parts (a) and (b) to repeat Problem 8.6-4(d). Problem 8.6-4(b) (c) (d) (b)...
From the display below, pick five cards (without replacement) by using random numbers. Explain your method. Why would the other sampling methods not work well in this case? A A K 10 10 10 10 9. 8. 6....
Why do bars offer free peanuts?
Discuss how slower population growth will affect businesses in your local community.
Discuss the impact of changes in the size and use of technology in the 1829 age group on marketing strategy planning in the United States.
Name three specific examples of firms that developed a marketing mix to appeal to senior citizens.
What is Apple Companys strategy for success in the marketplace? Does the company rely primarily on customer intimacy, operational excellence, or product leadership? What evidence supports your...
Exercise 1 1 - 7 ( Algo ) Net present value and unequal cash flows LO P 3 Gomez is considering a $ 2 1 0 , 0 0 0 investment with the following net cash flows. Gomez requires a 1 2 % return on its...
a Campbell Inc. produces and sells outdoor equipment. On July 1, 2011. Campbell issued $40,000,000 a 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving Cash of 548,601,480....

The owner of a business purchased a new television for his own use and charged the amount

Question:

Step by Step Answer:

D Prudence is the accounting concept that is being violated in this scenari...View the full answer

Accounting For Cambridge International AS And A Level

Students also viewed these Business questions