What is the economic entity assumption of accounting and why is it important?

Question:

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial ACCT2

ISBN: 978-1111530761

2nd edition

Authors: Norman H. Godwin, C. Wayne Alderman

See More Books

Question Posted: Jul 16, 2015 01:05 AM

See More Questions

What is the economic entity assumption?
What is infrastructure and why is it important for economic growth? Suppose that in order to finance additional infrastructure spending, a country has to raise taxes on other inputs that contribute...
What does transformation mean, and why is it important as an advertising effect?
To enable a process to Wait(condition) within the monitor, which one of the following is TRUE? All of mentioned Semaphore must be used Condition variables must be used as boolean objects A condition...
A random sample of 15 articles in Fortune revealed the following word counts per article: Compute the mean, median, first quartile, and third quartile for these sample data. 5,176 6,005 5,052 5,310...
Comparing the deption methods Destar Industrlos purchased packaging equipment on saanry for $22.000. The sculpinent was axpected to have an actul be of three years, or 18,000 operating tours, and are...
The following describes a set of arrangements between TecPC Company and a variable interest entity (VIE) as of December 31, 2009. TecPC agrees to design and construct a new research and development...
Account balances taken from the ledger of High Flying Logistics Co. on December 31, 2011, follow: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
Present value. Prestigious University is offering a new admission and tuition payment plan for all alumni. On the birth of a child, parents can guarantee admission to Prestigious if they pay the...
The Spencer Shoe Company manufactures a line of inexpensive shoes in one plant in Pontiac and distributes to five main distribution centers (Milwaukee, Dayton, Cincinnati, Buffalo, and Atlanta) from...
What is the going concern assumption of accounting and why is it necessary for accounting?
Multiple Choice Questions 1. Which of the following is not included in the definition of accounting? a. Identifying economic information b. Measuring economic information c. Developing economic...
(Difference between financial and management accounting) The words and phrases below describe or are associated with either financial (F) or management (M) accounting. Indicate for each item with...
A new partner C is invited to join in the AB partnership. Currently, A's and B's capital are $540,000 and $100,000, respectively. According to their profit and loss sharing contract, partner A and B...
The two tanks shown are connect through a mercury manometer. What is the relation between ???? and ? water Az water Ah
1. After reading about the types of rights that prisoners have while incarcerated, which of these rights, if any, should be reduced or diminished? Why? 2. In the same way, what rights do you believe...
According to the Socratic view of morality summarized by Frankena, is a person brought up by immoral parents in a corrupt society capable of making correct moral judgements? Why or why not? Do you...
Loma Company manufactures basketball backboards. The following information pertains to the company's normal operations per month: Output units15,000 boards Machine-hours4,000 hours Direct...
The equations of motion of an undamped system in SI units are given by Using subroutine MODAL, find the steady-state response of the system when $\omega=5 \mathrm{rad} / \mathrm{s}$. 10 sin wot 2 0...
The Ferris wheel in the figure has a radius of 68 feet. The clearance between the wheel and the ground is 14 feet. The rectangular coordinate system shown has its origin on the ground directly below...
How has religious practice changed in the United States?
Review the following situations and record any necessary journal entries for Lumber Farm. Feb. 13 Feb. 19 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer. Shipping...
Review the following situations and record any necessary journal entries for Mequons Boutique. May 10 May 14 Mequon's Boutique purchases $2,400 worth of merchandise with cash from a manufacturer....
A retailer discovers that 50% of the total inventory items delivered from the manufacturer are damaged. The original purchase for all inventory was $1,100. The retailer decides to return 20% of the...
When credit terms for a sale are 2/15, n/40, the customer saves by paying early. What percent (rounded) would this savings amount to on an annual basis
An industrial robot that is depreciated by the MACRS method has B = $60,000 and a 5-year depreciable life. If the depreciation charge in year 3 is $8,640, the salvage value that was used in the...
What determines a firm's beta? Should firm management make changes to its beta? Be sure to consider the implications for the firm's investors using CAPM.

What is the economic entity assumption of accounting and why is it important?

Question:

Step by Step Answer:

The economic entity assumption means that the financial activi...View the full answer

Financial ACCT2

Students also viewed these Accounting questions