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- What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhich of the following terms is used when assuming a business will continue to operate in the foreseeable future? A. separate entity concept B. monetary measurement concept C. going concern assumption D. time period assumptionWhich of the following statements is correct? Options: • Going concern principle assume that in preparing the financial statements only properties, liabilities, income and expenses of a particular business are reported therein • The total value of debits in most cases is higher than the total value of credits • All accounting information must be free from error to be reliable • There is no effect in the amount of the accounting equation if an asset is changed into another form of asset
- Choose the incorrect statement:a.) The objective of the external financial statements is to communicate the economic effects of completed transactions and other events on the entity.b.) The practice of accounting requires considerable professional judgment.c.) Security analysis use information form financial statements and other sources to projects future earnings.d.) The assessment of earning quality has become an exact science.Generally accepted accounting principles (GAPP) require companies to use Select one: a. None of the options b. Deferral basis c. Cash basis of accounting d. Accrual basis of accounting1(a) State with reason whether the following statements are true or false (i) Change in Method of Depreciation is regarded as change in Accounting Policy of the entity. (ii) Depreciation is non-cash and non- operating expense which is to be provided for whether there are profits/losses. (iii) Net Profit is reflected in higher cash balances and net loss is reflected in lower net worth. (iv) Contingent liability is an ascertained liability but its amount and due date are indeterminate. (v) Fundamental Assumptions are always required to be disclosed in the financial statements.
- Which of the following statements is (are) not consistentwith generally accepted accounting principles relating toasset valuation?a. Most assets are originally recorded in accountingrecords at their cost to the business entity.b. Subtracting total liabilities from total assets indicateswhat the owners’ equity in the business is worth undercurrent market conditions.c. Accountants assume that assets such as offi ce supplies,land, and buildings will be used in business operationsrather than sold at current market prices.d. Accountants prefer to base the valuation of assets on objective, verifi able evidence rather than upon apprais-als or personal opinions.Listed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. g. Buckner Corp is being sued for $1,000,000. There is a probable chance they will lose. The company disclosed this fact in their notes to their financials. Violation: (Yes/No) Applicable Assumption/Principle: h. Nixon Corp records and maintains their books at cost and/or current value, not at a liquidated value.…D) going concern?example E) periodicity?example F)Revenue recognition principle? Example G)Matching concept? Example H)Accrual basis of accounting? Example I) Dual aspect of accounting? Explain example
- Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) Measurement principle B) Expense Recognition (Matching) principle C) Revenue Recognition principle D) Historical Cost principle Please answer ASAP, I will upvoteWhat is net income? Group of answer choices -part of asset -Calculate the asset and liabity -part of the financial statement which calculate equity -part of financial statements, which contains the results of its operations during an accounting period. Flag question: Question 32 What is discontinued operation? Group of answer choices -no longer operable and fall under asset -result of the operation which has been disposed or classified by the entity as held for sale -no longer consider part of balance sheet -consider disposable and need to be calculate as part of retained earnings Flag question: Question 33 Why is budget important? Group of answer choices -It gives stakeholder good information about financial statement; -provide a good orderly management activities within an organization; -it is important to create balance sheet; -It is useful to manage liabilities. Flag question: Question 34 What is a flex budget?…PROBLEM 1: TRUE OR FALSE All changes in an entity’s economic resources and claims to those resources result from the entity’s financial performance. The qualitative characteristics of useful information apply only to the financial information provided in the financial statements According to IFRS® Practice Statement 2 Making Materiality Judgments, the cost is an important consideration when making materiality judgments When making materiality judgments, a quantitative assessment alone is not always sufficient to conclude that an item of information is not material Materiality judgments apply only to items that are recognized - but not to those that are unrecognized The more significant the qualitative factors are, the lower the quantitative thresholds will be. Thus, an item with a zero amount can be material in light of qualitative thresholds. When making materiality judgments, an entity should judge an item’s materiality only on its own and not in combination with other information…
