hfwful infomation NEC File Cusers/atofi/Documents/Chapt202.20intermed.20.2020scan 20200921015150 pdf Edge as your de bor? Set as de - + EA Rend soudy Drw In 16e 49. Que Characteristics Accounting information provides useful information about business transactions and events. Those who provide and use financial reports often select and evaluate atenting alteratives. The FAS set on qualitative characteristics of account information examines the characteristics of accounting infolation that make it useful for decision-making. It also prints out that various limitatie inherent in the and reporting process may necesitate trade-offs or sacrifices among the Describe briefly the following characteristics of tal counting information (1) Relevance (4) Comparability () Faithful representation (5) Corey Understand chi for each of the following pain of small characteristics i ample of a in which one of the characteristics may be sacrificed in rem for a pain in c) Relevance and faithful representa) Comparability and consistency (2) Relevance and commency (4) Relevance and understandability c) Wut criterion should be wed to evaluate of between information Station the other 50. Acting concepts-detilenti. Se the secong sumption prior to that is most applicable in the following 1. All pomeless than 525 are expensed intered 2. The currenthe en vente method from pared to O ile C/Users/atoft/Documents/Chapte202%20intermed20f2020scan 20200921015150.pdf Edge as your detail browser Set as detal + 3 A Read aloud Draw Highlight (b) For much of the following pairs of information characteristics, give an example of a situation in which one of the characteristies may be sacrificed in return for a sinin the other (1) Relevance and faithful representation.(3) Compability and consistency (2) Relevance and consistency. (4) Relevance and understandability el What criterion should be used to evaluate irade-offs between information characteristics? 50 Accounting concepts identification State the counting on principle, or constraint that is most applicable in the following us 1. All payments less than 525 are expenses incurred. 2 The company employs the me lavesty valuation method from period to 3.A patent is capitalized and mortized over the periode benefited. Assuming that dollars today will buy as much as ten years ago 5. Renpaid in advance is recorded as preparent 6. Financial statements are propre cach you 7. All significant balance sheet events are reported & Personal transactions of the proprietor are distinguished from business 4. NEC C/Users/atofi/Documents/Chapt%202%20intermed%20f%2020scan_20200921015150.pdf your default browser? Set as deur + E A Read aloud Draw Highl Intermediate Chapter 2 de 51. Accounting concepts-identification Presented below are a number of accounting procedures and practices at Ramirez Corp For each of these items, list the assumption, principle, quality, or modifying convention that is violated 1. Because the company's income is low this year, a switch free accelerated depreciation to straight-line depreciation is made this year 2 The president of Ramirez Corp. believes it is foolis to report financial Information on a yearly basis. Instead, the president believes that financial information should be disclosed only when signifiest new information is available related to the company's operations 3. Ramirez Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose apending potent infringement lawsuit. The posibility of loss is considered remote by its attomes. 4 An officer of Ramirez Corp purchased a new home computer for pencale with company mey, charging miscellaneous expertise A machine, that cost $40,000, is reported its current market value of $45.000 52. Accounting concepts matching Listed below are several formation characteristics and principles and sumptions Match the better of each with the appropriate phrase that states its application is through may be used on the tall) Etymo Expense recognitio principle bolng concepte Full disclosure principle Relevane characters Periodicity Falth repeat NEC C/Users/atof/Documents/Chapt.202.201ntermed.20162020scan 20200921015150.pdf in your chat rowser Sellest + A Read aloud VDraw v KAR, I current mer VIDEO 343,00 y Highght 3 52. Accounting concepts-matching Listed below are several information characteristics and counting principles and assumptions Match the letter of each with the appropriate phrase that states its application Cliems a through may be used more than once or not tall.) & Economie ently assumption Expense recognition principle b. Going condemnsumption 1. Pull disclosure principle Monetary unit assumption i. Relevance characteristio d. Periodicity assumption j. Faithful representation characteristic e Historical cost principle Consiste characteristie Revenue recognition principle 1. Suble-dollar assumption (do not use historical cost principle) 2. The performance obligation is still 3. Numbers and descriptions match what really existeder happened. 4. Yearly financial reports. 5. Anals and deferrals in adjusting and closing process. (Do not use going Useful standard measuring unit for business transactions 7. Noles aspect of necesary information to a far presentation 8. Alfairs of the business distinguished from those of its owners. 10. Valing assets at amounts originally paid for them, Company asuned to be a long life II. Application of the same accounting principles as in the preceding your 12. Summa significant accounting policies 13. Presentation of timely information with predictive and confinatory value fence) O 55 hfwful infomation NEC File Cusers/atofi/Documents/Chapt202.20intermed.20.2020scan 20200921015150 pdf Edge as your de bor? Set as de - + EA Rend soudy Drw In 16e 49. Que Characteristics Accounting information provides useful information about business transactions and events. Those who provide and use financial reports often select and evaluate atenting alteratives. The FAS set on qualitative characteristics of account information examines the characteristics of accounting infolation that make it useful for decision-making. It also prints out that various limitatie inherent in the and reporting process may necesitate trade-offs or sacrifices among the Describe briefly the following characteristics of tal counting information (1) Relevance (4) Comparability () Faithful representation (5) Corey Understand chi for each of the following pain of small characteristics i ample of a in which one of the characteristics may be sacrificed in rem for a pain in c) Relevance and faithful representa) Comparability and consistency (2) Relevance and commency (4) Relevance and understandability c) Wut criterion should be wed to evaluate of between information Station the other 50. Acting concepts-detilenti. Se the secong sumption prior to that is most applicable in the following 1. All pomeless than 525 are expensed intered 2. The currenthe en vente method from pared to O ile C/Users/atoft/Documents/Chapte202%20intermed20f2020scan 20200921015150.pdf Edge as your detail browser Set as detal + 3 A Read aloud Draw Highlight (b) For much of the following pairs of information characteristics, give an example of a situation in which one of the characteristies may be sacrificed in return for a sinin the other (1) Relevance and faithful representation.(3) Compability and consistency (2) Relevance and consistency. (4) Relevance and understandability el What criterion should be used to evaluate irade-offs between information characteristics? 50 Accounting concepts identification State the counting on principle, or constraint that is most applicable in the following us 1. All payments less than 525 are expenses incurred. 2 The company employs the me lavesty valuation method from period to 3.A patent is capitalized and mortized over the periode benefited. Assuming that dollars today will buy as much as ten years ago 5. Renpaid in advance is recorded as preparent 6. Financial statements are propre cach you 7. All significant balance sheet events are reported & Personal transactions of the proprietor are distinguished from business 4. NEC C/Users/atofi/Documents/Chapt%202%20intermed%20f%2020scan_20200921015150.pdf your default browser? Set as deur + E A Read aloud Draw Highl Intermediate Chapter 2 de 51. Accounting concepts-identification Presented below are a number of accounting procedures and practices at Ramirez Corp For each of these items, list the assumption, principle, quality, or modifying convention that is violated 1. Because the company's income is low this year, a switch free accelerated depreciation to straight-line depreciation is made this year 2 The president of Ramirez Corp. believes it is foolis to report financial Information on a yearly basis. Instead, the president believes that financial information should be disclosed only when signifiest new information is available related to the company's operations 3. Ramirez Corp. decides to establish a large loss and related liability this year because of the possibility that it may lose apending potent infringement lawsuit. The posibility of loss is considered remote by its attomes. 4 An officer of Ramirez Corp purchased a new home computer for pencale with company mey, charging miscellaneous expertise A machine, that cost $40,000, is reported its current market value of $45.000 52. Accounting concepts matching Listed below are several formation characteristics and principles and sumptions Match the better of each with the appropriate phrase that states its application is through may be used on the tall) Etymo Expense recognitio principle bolng concepte Full disclosure principle Relevane characters Periodicity Falth repeat NEC C/Users/atof/Documents/Chapt.202.201ntermed.20162020scan 20200921015150.pdf in your chat rowser Sellest + A Read aloud VDraw v KAR, I current mer VIDEO 343,00 y Highght 3 52. Accounting concepts-matching Listed below are several information characteristics and counting principles and assumptions Match the letter of each with the appropriate phrase that states its application Cliems a through may be used more than once or not tall.) & Economie ently assumption Expense recognition principle b. Going condemnsumption 1. Pull disclosure principle Monetary unit assumption i. Relevance characteristio d. Periodicity assumption j. Faithful representation characteristic e Historical cost principle Consiste characteristie Revenue recognition principle 1. Suble-dollar assumption (do not use historical cost principle) 2. The performance obligation is still 3. Numbers and descriptions match what really existeder happened. 4. Yearly financial reports. 5. Anals and deferrals in adjusting and closing process. (Do not use going Useful standard measuring unit for business transactions 7. Noles aspect of necesary information to a far presentation 8. Alfairs of the business distinguished from those of its owners. 10. Valing assets at amounts originally paid for them, Company asuned to be a long life II. Application of the same accounting principles as in the preceding your 12. Summa significant accounting policies 13. Presentation of timely information with predictive and confinatory value fence) O 55