Which is not part of the description of PPE?
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Which is not part of the description of PPE?
Have physical substance
Have no physical substance
should be used in the normal operations of the business
used for more than one year of operations
Step by step
Solved in 2 steps
- Identify the accounting concept that was violated in each of the following situations.2. Atwell Corporation has not prepared financial statements for external users for over three years.The life of a business is divided into specific time periods,usually a year, to measure results of operations for eachsuch time period and to portray financial conditions at theend of each period.(a) This practice is based on the accounting assumptionthat the life of the business consists of a series of timeperiods and that it is possible to measure accuratelythe results of operations for each period. Commenton the validity and necessity of this assumption.(b) What has been the effect of this practice on accounting?What is its relation to the accrual system?What influence has it had on accounting entries andmethodology?4. The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. (a)This practice is based on the accounting assumption that the life of the business consists of a series of time periods and that it is possible to measure accurately the results of operations for each period. Comment on the validity and necessity of this assumption.
- Types of Events For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I), or not recorded (NR). ________________ 1. A vendor for a companys supplies is paid an amount owed on account. ________________ 2. A customer pays its open account. ________________ 3. A new chief executive officer is hired. ________________ 4. The biweekly payroll is paid. ________________ 5. Depreciation on equipment is recognized. ________________ 6. A new advertising agency is hired to develop a series of newspaper ads for the company. ________________ 7. The advertising bill for the first month is paid. ________________ 8. The accountant determines the federal income taxes owed based on the income for the period.Intermediate Accounting 105 Please use GAAP concepts and explanations provided with examples. New machinery, which replaced a number of employees, was installed and put in operation in the last month of the fiscal year. The employees had been dismissed after payment of an extra month’s wages, and this amount was added to the cost of the machinery. Discuss the proprietary of the charge. If it was improper, describe the proper treatment.Company A has owned a building for several years. Whichof the following statements regarding depreciation is falsefrom an accounting perspective?a. Depreciation Expense for the year will equalAccumulated Depreciation.b. Depreciation is an estimated expense to be recordedeach period during the building’s life.c. As depreciation is recorded, stockholders’ equity isreduced.d. As depreciation is recorded, total assets are reduced
- If a company mistakenly forgot to record depreciation of office equipment at the end of an accounting period, the financial statements prepared at that time would show: O asses and equity both understated O assets, net income, and equity understated O assets overstated, net income understated, and equity overstated O assets overstated and equity understated O assets, net income, and equity overstatedAssume you are employed as the chief financial officer of a corporation and are responsible for preparation of the financial statements, including the adjusting process and preparation of the adjusted trial balance. The company is facing a slow year, and after your adjusting entries, the financial statements are accurately reflecting that fact. However, as you are discussing the matter with your boss, the chief executive officer (CEO), he suggests that you have the power to make further adjustments to the statements, and that you should use that power to adjust the profits and equity into a stronger position, so that investor confidence in the companys prospects will be restored. Write a short memo to the CEO, stating your intentions about what you can and/or will do to make the financial statements more appealing. Be specific about any planned adjustments that could be made, assuming that normal period-end adjustments have already been reflected accurately in the financial statements that you prepared.The life of a business is divided into specific time periods, usually a year, to measure results of operations for each such time period and to portray financial conditions at the end of each period. (a) This practice is based on the accounting assumption that the life of the business consists of a series of time periods and that it is possible to measure accurately the results of operations for each period. Comment on the validity and necessity of this assumption. (b) What has been the effect of this practice on accounting? What is its relation to the accrual basis of accounting? What influence has it had on accounting entries and practices?
- The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the four independent situations below.1. Jumbo’s is a local restaurant. Due to a bad shipment of potatoes, several of the company’s customers become ill, and the company receives considerable bad publicity. Revenues are way down, several of its bills are past due, and the company is making plans to close the restaurant at the end of the month. The company continues to report its assets in the balance sheet at historical (original) cost.2. Gorloks Tax Services is owned and operated by Sam Martin. The company has the usual business assets: land, building, cash, equipment, and supplies. In addition, Sam decides to buy a boat for him and his family to enjoy on the weekends. Sam includes the boat as an asset in the balance sheet of Gorloks Tax Services.3. Claim Jumpers International, a U.S.-based company, has operations in the United States…a. Prepare the entry to account for the guitars missing from the company's inventory at the end of the year. b. Prepare the adjusting entry to account for the office supplies used during December. c. Prepare the adjusting entry to account for the expiration of the company's insurance policies during December. d. Prepare the adjusting entry to account for the depreciation of the company's building and fixtures during December. e. Prepare the adjusting entry to report the portion of unearned customer deposits that were earned during December. f. Prepare the adjusting entry to account for income tax expense that accrued during December.Which of the following would be recorded as an identifiable accounting transaction? Group of answer choices A. Providing services to customers on account. B. Hiring a new employee. C. Signing a contract to lease office space next year. D. Ordering a new vehicle, which will be received and paid for next month
