Topic 2 (week 8) k The financial statements of Dollar Tree Inc. (Nasdaq: DLTR) is to be used to answer some questions of Section A. See the excel file on the submission tab (where you download the question paper) or download the excel file from EDGAR. Answer for each question in this section should not exceed 110 words. Calculations are excluded from the word limit and include a word count in each of your answer. Question a What is the cost principle? Illustrate with an account item the application of cost principle in measuring the financial position of Dollar Tree Inc as at February 1, 2020. State the item name and amount. The financial position is disclosed to users via the balance sheet. - Question b What is the accounting definition of current portion of long-term debt? Specify the expected repayment period (from a date to a date) for this item as appearing on the balance sheet of Dollar Tree Inc. at Feb 1, 2020. Question c What is asset and what is expense and illustrate with an example from the annual report of Dollar Tree Inc. (as at Feb 1, 2020) to show how are they related? State the item name and amount. Don't use 'Cash' as an example of asset.' Question de What is the meaning of debit balance? Is a debit balance a positive balance and illustrate why? Question e Explain the time-period assumption and illustrate with an example to show why adjusting entries are the results of time period assumption and accrual accounting? Topic 2 (week 8) k The financial statements of Dollar Tree Inc. (Nasdaq: DLTR) is to be used to answer some questions of Section A. See the excel file on the submission tab (where you download the question paper) or download the excel file from EDGAR. Answer for each question in this section should not exceed 110 words. Calculations are excluded from the word limit and include a word count in each of your answer. Question a What is the cost principle? Illustrate with an account item the application of cost principle in measuring the financial position of Dollar Tree Inc as at February 1, 2020. State the item name and amount. The financial position is disclosed to users via the balance sheet. - Question b What is the accounting definition of current portion of long-term debt? Specify the expected repayment period (from a date to a date) for this item as appearing on the balance sheet of Dollar Tree Inc. at Feb 1, 2020. Question c What is asset and what is expense and illustrate with an example from the annual report of Dollar Tree Inc. (as at Feb 1, 2020) to show how are they related? State the item name and amount. Don't use 'Cash' as an example of asset.' Question de What is the meaning of debit balance? Is a debit balance a positive balance and illustrate why? Question e Explain the time-period assumption and illustrate with an example to show why adjusting entries are the results of time period assumption and accrual accounting
