7.Revenue is not recognized until it is earned and realized or at least realizable. To which accountingprinciple/concept this statement belongs? Show
Get answer to your question and much more 8.Feel Better Hospital, a 1,500 hospital with over $1 billion in patient revenue, rounds dollar amounts inits financial statements to the nearest $1,000. Which accounting principle/concept justifies this action? Get answer to your question and much more 9.The auditor noticed that the financial statements of Pain Free Surgery Center were missing somefootnotes important for users for decision making. This action of the management is a violation of: Get answer to your question and much more 10. A fixed asset costing $3,000,000 is depreciated over its estimated useful life of 15 years. This action isrelated to:a.cost matching principleb.materiality conceptc.full disclosure conceptd.none of the above 11. In certain situations, companies might recognize losses but not gains. This action belongs to: Get answer to your question and much more Recommended textbook solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions Accounting: What the Numbers Mean9th EditionDaniel F Viele, David H Marshall, Wayne W McManus 338 solutions Intermediate Accounting14th EditionDonald E. Kieso, Jerry J. Weygandt, Terry D. Warfield 1,471 solutions Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Sheet11. The time period assumption states that:A. revenue should be recognized in the accounting period in which it is earned.B. expenses should be matched with revenues.*C. the economic life of a business can be divided into artificial time periods.D. the fiscal year should correspond with the calendar year. Nội dung chính
_______________________________________________________2. The time period assumption states that: Get answer to your question and much more _______________________________________________________3. One of the following statements about the accrual-basis of accounting is false. That statement is: Get answer to your question and much more
Copyright © 2016 John Wiley & Sons, Inc. Weygandt Financial Accounting IFRS 3e Instructor•s Manual (For Instructor Use Only)3-1 CHAPTER 3 Adjusting the Accounts LEARNINGOBJECTIVES 1.EXPLAIN THE TIME PERIOD ASSUMPTION. 2.EXPLAIN THE ACCRUALBASIS OF ACCOUNTING. 3.EXPLAIN THE REASONSFOR ADJUSTING ENTRIES. 4.IDENTIFY THE MAJOR TYPES OF ADJUSTING ENTRIES. 5.PREPARE ADJUSTING ENTRIES FOR DEFERRALS. 6.PREPARE ADJUSTING ENTRIES FOR ACCRUALS. 7. DESCRIBE THE NATUREAND PURPOSE OF AN ADJUSTED TRIAL BALANCE. *8.PREPARE ADJUSTING ENTRIES FOR THE ALTERNA- TIVE TREATMENT OF DEFERRALS. *9.DISCUSS FINANCIAL REPORTING CONCEPTS. *Note:AllasteriskedQuestions, Exercises, and Problems relate to material contained in the appendix to the chapter. Home → Terms → Time period assumption Definition (1): A convenient assumption that accountants can break down the economic life of a business into artificial periods of time is called the time period assumption. This assumption is also known as the periodicity assumption. For instance, management generally prefers monthly financial statements; and the Internal Revenue Service obligates all businesses for filing annual tax returns. Then accountants break down the economic life of a business into artificial time periods for their convenience. Definition (2): The time period assumption is also called the accounting time period concept. It states that a business’s life can be divided into equal periods of time. These periods of time are called accounting periods for which businesses generate their financial statements. Different internal and external users of Accounting use these financial statements. The accounting period’s length to be applied for the generation of financial statements is based on the requirement and nature of every business and the requirement of the financial statements’ users. Generally, an accounting period includes a year, six months, or a quarter. Definition (3): In Accounting, the time period assumption allows a business’s functions to be broken down into informal time periods to produce financial information that different users can use for making decisions. Which one of the following states that the life of a business can be divided into equal time periods?The time period assumption states that the economic life of a business can be divided into a. equal time periods. What is the time period assumption?The time period principle (or time period assumption) is an accounting principle which states that a business should report their financial statements appropriate to a specific time period. Which of the following is true about the time period assumption?Answer and Explanation: The answer is b.it assumes we divide the long life of a business into series of shorter periods for accounting and reporting purposes. Time period assumption is a concept in which the life of a business can is divided into smaller periods for accounting purposes. Which of the following assumptions requires that businesses prepare adjusting entries before completing their financial statements?Accrual basis and periodicity The periodicity assumption requires preparing adjusting entries under the accrual basis. Without the periodicity assumption, a business would have only one time period running from its inception to its termination. Which of the following state that the life of business can be divided into equal time periods?The time period assumption states that the economic life of a business can be divided into a. equal time periods.
Which of the following states that the life of a business can be divided into equal time period Mcq?Economic entity concept. Which one of the following states that the life of a business can be divided into equal time periods? a. Revenue recognition principle.
Which accounting concept or principle states that the transactions of a business must be recorded separately from those of its owners or other businesses?Business entity concept is one of the accounting concepts that states that business and the owner are two separate entities and therefore, should be considered separate from each other.
Which of the following states that transaction is not recorded in the books of accounts unless it is measurable in terms of money?The monetary unit principle states that business transactions should only be recorded if they can be expressed in terms of a currency. In other words, anything that is non-quantifiable should not be recorded a business' financial accounts.
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Which one of the following state that the life of business can be divided into equal time periods?
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