please complete. added photos of all 7 answer choices to choose from
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100.000 to buy a new home to be used as his personal residence. This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders 3 Hewlett-Packard Corporation depreciates machinery and equipment over their useful lives. Crosby Company lists land on its balance sheet at $120,000, its 4. original purchase price, even though the land has a current fair value of $200,000 Honeywell International Inc. records revenue when products are 5. delivered to customers, even though the cash has not yet been received Liquidation values are not normally reported in financial statements even though many companies do go out of business. IBM Corporation, a multibillion dollar company purchased some small tools at a cost of $800. Even though the tools will be used for a number of years, the company recorded the purchase as an expense Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement. Jim Marley is the sole owner of Marley's Appliances. Jim borrowed $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful lives. Crosby Company lists land on its balance sheet at $120,000, its original purchase price, even though the land has a current fair value of $200,000. Honeywell International Inc. records revenue when products are 5. delivered to customers, even though the cash has not yet been received Liquidation values are not normally reported in financial statements even though many companies do go out of business IBM Corporation, a multibillion dollar company purchased some small tools at a cost of $800. Even though the tools will be used for a number of years, the company recorded the purchase as an expense Expense recognition (also the going concern assumption) Materiality Revenue recognition The economic entity assumption The going concern assumption mat relate to financial accounting and reporting. Identify the accounting concept that applies to "s Appliances. Jim borrowed ed as his personal residence. ecords of Marley's Appliances t to its shareholders. ates machinery and equipment Revenue recognition The economic entity assumption ance sheet at $120,000, its the land has a current fair value revenue when products are the cash has not yet been The going concern assumption The historical cost (original transaction value) principle The periodicity assumption reported in financial statements o out of business. ir company purchased some though the tools will be used for a Orded the purchase as an Prey 1 of 4 !!! Next >
