This is an accounting question Need answer

ASSIGNMENT RESOURCES Question 2 Lab 1 - Ch 11 W2021 Question 1 For each of the following, indicate which of the above have been violated. If none has been violated, indicate Not Applicable. Question 2 Question 3 (a) After using the diminishing balance method at double the straight-line rate for three years, Travis Delivery Ltd. decides to switch to the straight- Question 4 line method of depreciating its equipment from this point forward in order to save on taxes. Comparability Question 5 (b) Question 6 Gifford Services Ltd. is reluctant to discuss in its financial statement notes any potential outstanding losses concerning a long ongoing employee strike. Full Disclosure 2 Question Z 2 Question & (c) The annual financial statement of Trudel Equipment Led., a publicly traded corporation, are not audited by a public accounting firm. Not Applicable 12 Question 9 (d) Barton Tools Led. is using an inventory valuation method that is different from the one used by other companies in its industry. Review Score Review Results by Study (e) Hum Dealers Lid. wants to be very precise and wait six months to measure properly outstanding losses and expenses that would require Objective estimation at the end of the fiscal year. Consistency Understandability (f ) Strong Consulting Led. has spent a great deal of money over the years to promote its services to the public, and to get name recognition. Strong Periodicity did not record any goodwill on its balance sheet for these costs. Comparability (g) Shift Services Inc. included the sales and collections on account for the first week of the new fiscal year in the current financial statements. Full Disclosure Not Applicable (h) In order to earn a bonus, the president of Dragon Delivery Led. instructs the accountant to reduce the percentage of accounts receivable used in Verifiability calculating bad debt expenses for the year. Faithful Representation In order to keep the financial statements of Block Brewery Ltd. simple, the accountant prepared an income statement with three lines: Revenue, Relevance Expenses and Profit and did not include any supplementary information, Timeliness (1) Wall Retail Ltd. uses estimates rather than a complete physical count of the inventory for purposes of preparing monthly financial statements. ( k ) In order to keep the competitors guessing, the accountant of Manning Supply Lid prepared financial statements that could only be interpreted by very sophisticated users. 5:06 AM Type here to search O B O 2021-01-24