Answered step by step
Verified Expert Solution
Question
1 Approved Answer
which accounting principle is involved? a)The Accounting Entity Principle b)The Going Concern Principle c)The Monetary Principle dThe Historical Cost Principle e)The Matching Principle f)The Materiality
which accounting principle is involved?
a)The Accounting Entity Principle
b)The Going Concern Principle
c)The Monetary Principle
dThe Historical Cost Principle
e)The Matching Principle
f)The Materiality Principle
g)The Objectivity Principle
h)ETHICS AND FINANCIAL PROBITY
A motel's normal payday tor employees is every Friday. The year-end occurs on a Monday. The wages earned by employees for those three days is recorded in the motel's accounts because of which principle? matching principle b) ast year a remote resort purchased floatplane to Hy guests to the Th fishin resort. a aircraft at that time was $40oooo. his year the plane is worth $425,ooo. However, cost it continues to be recorded in the accounting records at $4oo,ooo because of which two principles? The oping concern principle historical cost principle c) If a restaurant operator takes home food from the restaurant and uses these products for his own personal use, which principle is violated? d) Ahotel purchased a box of loo pencils for office use. At the end of the month, go pencils remain, with a total value of $4.50. en though the pencils have not been used, the cost of the Ioo pencils is considered an expense of the month in which they were purchased. This is because of which principle
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started