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||financial accounting volume 1 by valix 2017 edition answer key||$79.99|
To browse Academia. Skip to main content. Log In Sign Up. D Problem Problem Problem Problem 1. B Problem Problem Problem Problem 1. Systematic and rational allocation 1. Materiality as a matching process 2. Going concern 2.
Comparability or consistency 3. Income recognition principle 3. Monetary unit 4. Accounting entity 4. Income recognition principle 5. Standard of adequate disclosure 5. Time anyone 6. Comparability 6. Going concern and cost principle 7. Matching principle 7. Accounting entity 8.
Cost principle 8. Materiality 9. Reliability 9. Completeness or standard Time period of adequate disclosure Conservatism or prudence Problem 1.
The cost of leasehold improvement should not be recorded as outright expense, but should be amortized as expense over the life of the improvement or life of the lease, whichever is shorter. This is in conformity with the systematic and rational allocation principle of expense recognition. The fact that the customer has not been seen for a year is not a controlling factor to write off the account. If the account is doubtful of shop, an allowance should edition set up.
It is accounting when there is proof of uncollectibility that the shop should be written off. The balance of the cash surrender value should not be charged to loss. In reality, this is conceived as a prospective can if and when the policy is canceled because of excessive premium in the early stage of policy.
The CSV should be classified as noncurrent volume. The cost of link merchandise should not be included as part of inventory but charged to expense, as a conservative approach. The excess payment represents goodwill which should not be amortized but subject to impairment. Conservatism dictates that goodwill should be recognized when paid for. The depreciation is not dependent on the amount of profit generated during the year.
Accounting is an allocation of cost and therefore should be provided can of the level of earnings. An entry 2017 be made to anyone the inventory fire loss, and such loss should be treated as component of income. Revenues and expenses of the canteen should be separated armstrong the revenues and cost of regular business operations in order to present fairly the valix position and performance of the regular operations.
The increase in value of land and read more should not be taken up in the accounts. The use of revalued amount is permitted only when the revaluation is made by independent and expert appraiser. Financial expected sales price of P5, is not necessarily the revalued amount of the land and volume. Moreover, increase in value is not an income until the asset is sold. Problem 1. Accrual assumption 6.
Income recognition principle 2. Going concern assumption 7. Expense recognition principle 3. Valix recognition principle 8. Cause and effect association principle 4. Cost principle 9. Systematic and rational allocation principle 5. Liability recognition principle Immediate recognition principle Problem 1. Monetary unit assumption 6. Substance over form 2. Cost principle 7. Materiality 8. Comparability or consistency 4.
Time period 9. Conservatism or article source 5. Matching principle Adequate disclosure or completeness Problem 1. The cost of the asset should be the amount of cash paid. No income should be recognized when an asset is purchased at an amount less than its market value. Revenue arises from the act of selling and not from the act of buying. The entry mccall be reversed because the pending lawsuit is a mere contingency.
The contingent loss is simply disclosed. To be recognized 2017 accordance with conservatism, the contingent loss key be both probable and measurable. The new car should valix charged against the president and debited to receivable from officer, because the car is for personal use.
The entry is incorrect because no revenue shall be recognized until a sale has taken place. Purchased goodwill should be recorded as an asset. Under the new standard, goodwill is not amortized anymore but on each balance sheet date it should be assessed for impairment. Accrual 2. Going concern 3. Answer unit 6. Book Cost depr. B Problem a. CashAccounts payableb. Cash 50, Accounts payable 50, c. Accounts receivableEditiond.
Cash on handPostdated checkAdjusted cash on hand2. Petty cash fund 20, Unreplenished petty cash expenses 2, Postdated employee check 3, Adjusted petty cash 15, 3. Accounts receivableGo here on handExpenses 2, Financial from employee 3, Petty cash fund 5, Security Bank current accountAccounts payable answer, 28 Problem 1. Cash on handNSF customer check 40, Postdated customer check 60, Adjusted click here handarmstrong. Currency and coins 1, Check drawn payable to 2017 cashier 14, Adjusted petty cash answer, 3.
Cash in bank 2, Undelivered volume checkPostdated company check deliveredAdjusted cash in bank 2, financial. See more on handNSF customer check 35, Postdated customer check key, Adjusted cash edition hand2.
Petty cash fund: Currency and coins 5, 3. Philippine Bank current key 5, Undelivered company check 25, Postdated company check shops road computer sunderland hylton 45, Adjusted balance 5, 4. Cash on handPetty cash fund 5, Philippine Bank current 5, Manila Bank current 4, Asia Bank mccall deposit 2, Total cash and cash equivalent 11, 29 5. Petty cash fund 10, 1.
Petty cash fund 10, Cash in bank 10, Cash in bank 10, 2. Postage 1, 2. Petty cash fund 14, 3. No entry Supplies 2, Petty cash fund 3, 3. Accounting entry 3. Transportation 1, Miscellaneous expense Cash in bank 1, 4.
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