ses

For each of the following, identify which GAAP if any, has been violated.

Then click the drop$-$down menu icon $$ and select the correct answer from the choices given.

Time left $5$:$51$:$18$

The owner of Miko Japanese Eatery has become ill suddenly and is unable to continue the business. The owner's spouse, in need of cash to finance growing personal expenses, took the business's most recent financial statements to the bank, and was granted a loan. She did not inform the bank of her husband's inability to work.

The owner of Dallas Pizza and Don's Deli combines all transactions by keeping only one set of accounting records for both businesses.

In December $2019,$ Classic Coverings received a customer's order to install carpet and tile in a new house that would not be ready for completion until March $2020.$ Classic Coverings record the revenue in December $2019.$

A customer called and made arrangements for Jay's Plumbing to provide $$6,000$ of services

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Going Concern

Historical Cost

Currency

Business Entity next month. Jay, the owner, recorded revenue of $$6,000$ this month. No cash was exchanged.

Revenue Recognition

Dale's Consulting Services completed a contract with an organization located overseas. Dale included the revenue on the income statement without converting the foreign currency to Canadian dollars.

Tracy Regis owns two businesses, Second Time Around Clothing and Antique Accents, both of which are sole proprietorships. In having financial statements prepared for the antique store, Regis record both businesses' revenues and expenses together.

Land was purchased for $$50,000.$ The bank appraised it for loan purposes at $$68,000.$ Therefore, the owner of the land recorded it on the balance sheet at $$68,000.$