34 Chapter 1dence, could this cause potential jealousy at the hotel?3. Evaluate the ethics of this scenario using Hall's seven-step approach.2 lí the hotel's best maintenance wo..on Cfor 20XProblem 3Required:F. Continuity of businessG. ConsistencyH. MatchingI. Unit of measurementJ. Objective evidenceFill in the blanks below with the accounting principle that best applies.Prepare arA. CostB. Business entityC. ConservatismD. Full disclosureMultipleE. Materiality1. Ar1. A hotel describes its inventory valuation method in the footnotes to its financial state-ment because of2. A café decides to expense a $40 wastebasket even though it has a five-year life basedprinciple.on the3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO methodin 20X5 it will violate the2.principle.4. The owner of a food service operation decides to take some steaks home for dinner. Herecords the cost of the steaks as a "withdrawal" because of theprinciple.principle is the basis for recording the payroll accrual at the end of5. Theeach month.6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasirofirm records the van at $25,000, it will violate the7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes thevan is worth $15,000; however, the business records the van at its Blue-Book value ofprinciple.$10,000 because of the8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. Thecost per glass is $1.50; however, the resale values is considered to be only $.15 each.principle.o ennasThe glasses are recorded at cost and will be written off over the next three ycathan written down immediately because of theratheryearsprinciple.Belo

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34 Chapter 1
dence, could this cause potential jealousy at the hotel?
3. Evaluate the ethics of this scenario using Hall's seven-step approach.
2 lí the hotel's best maintenance wo..
on C
for 20X
Problem 3
Required:
F. Continuity of business
G. Consistency
H. Matching
I. Unit of measurement
J. Objective evidence
Fill in the blanks below with the accounting principle that best applies.
Prepare ar
A. Cost
B. Business entity
C. Conservatism
D. Full disclosure
Multiple
E. Materiality
1. Ar
1. A hotel describes its inventory valuation method in the footnotes to its financial state-
ment because of
2. A café decides to expense a $40 wastebasket even though it has a five-year life based
principle.
on the
3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method
in 20X5 it will violate the
2.
principle.
4. The owner of a food service operation decides to take some steaks home for dinner. He
records the cost of the steaks as a "withdrawal" because of the
principle.
principle is the basis for recording the payroll accrual at the end of
5. The
each month.
6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro
firm records the van at $25,000, it will violate the
7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the
van is worth $15,000; however, the business records the van at its Blue-Book value of
principle.
$10,000 because of the
8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The
cost per glass is $1.50; however, the resale values is considered to be only $.15 each.
principle.
o ennas
The glasses are recorded at cost and will be written off over the next three yca
than written down immediately because of the
rather
years
principle.
Belo
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34 Chapter 1 dence, could this cause potential jealousy at the hotel? 3. Evaluate the ethics of this scenario using Hall's seven-step approach. 2 lí the hotel's best maintenance wo.. on C for 20X Problem 3 Required: F. Continuity of business G. Consistency H. Matching I. Unit of measurement J. Objective evidence Fill in the blanks below with the accounting principle that best applies. Prepare ar A. Cost B. Business entity C. Conservatism D. Full disclosure Multiple E. Materiality 1. Ar 1. A hotel describes its inventory valuation method in the footnotes to its financial state- ment because of 2. A café decides to expense a $40 wastebasket even though it has a five-year life based principle. on the 3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method in 20X5 it will violate the 2. principle. 4. The owner of a food service operation decides to take some steaks home for dinner. He records the cost of the steaks as a "withdrawal" because of the principle. principle is the basis for recording the payroll accrual at the end of 5. The each month. 6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro firm records the van at $25,000, it will violate the 7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the van is worth $15,000; however, the business records the van at its Blue-Book value of principle. $10,000 because of the 8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The cost per glass is $1.50; however, the resale values is considered to be only $.15 each. principle. o ennas The glasses are recorded at cost and will be written off over the next three yca than written down immediately because of the rather years principle. Belo

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