Principles of Accounting: Chapters 1-13
12th Edition
ISBN: 9781133593102
Author: Belverd E., Jr, Ph.d. Needles, Marian, Ph.D. Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 1, Problem 1SE
To determine
Classify the given phrases to accounting concepts.
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Question 16
This principle requires measurement of transaction on the basis of cost price or equal to cash price
A. Full disclosure
B. Exchange price principle
C. Matching principle
D. Revenue recognition principle
Question 19
The rights of the partner over the net assets of the business is called
A. Parter's drawing
B. Partners equity
C. Partners capital
D. None of the above
Which of the following accounting concepts considers the investment made by the owner in the business as the liability of the business? a.Dual aspect concept , b.Money measurement concept , c.Business entity concept , d.Going concern concept
Is a mutiple question:
Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally:
Group of answer choices
1. the same as the accounting for a sole proprietorship only
2. the same as the accounting for any other form of business
3. is not the same as the accounting for any other form of business
4. the same as the accounting for a corporation only
Chapter 1 Solutions
Principles of Accounting: Chapters 1-13
Ch. 1 - What makes accounting a valuable discipline?Ch. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - How are expenses and withdrawals similar, and how...Ch. 1 - How do generally accepted accounting principles...Ch. 1 - Why do managers in governmental and not-for-profit...Ch. 1 - Prob. 1SECh. 1 - Match the descriptions that follow with the...Ch. 1 - Determine the amount missing from each accounting...Ch. 1 - Use the accounting equation to answer each...
Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Prob. 6SECh. 1 - Use the following accounts and balances to prepare...Ch. 1 - Randall Company engaged in activities during the...Ch. 1 - Prob. 9SECh. 1 - Prob. 10SECh. 1 - Prob. 1EACh. 1 - Financial accounting uses money measures to gauge...Ch. 1 - You have been asked to compare the sales and...Ch. 1 - Use the accounting equation to answer each...Ch. 1 - Daiichi Companys total assets and liabilities at...Ch. 1 - 1. Indicate whether each of the following accounts...Ch. 1 - Listed in random order are some of Oxford Services...Ch. 1 - Dukakis Company had the following accounts and...Ch. 1 - Prob. 9EACh. 1 - Prob. 10EACh. 1 - Complete the financial statements that follow by...Ch. 1 - Prob. 12EACh. 1 - Match the terms that follow with the appropriate...Ch. 1 - Prob. 14EACh. 1 - Prob. 15EACh. 1 - Prob. 1PCh. 1 - The following three independent sets of financial...Ch. 1 - Fuel Designs financial accounts follow. The...Ch. 1 - The accounts of Frequent Ad, an agency that...Ch. 1 - Athena Riding Clubs financial statements follow.Ch. 1 - A list of financial statement items follows....Ch. 1 - Three independent sets of financial statements...Ch. 1 - Prob. 8APCh. 1 - Prob. 9APCh. 1 - Aqua Swimming Clubs financial statements follow....Ch. 1 - Costco Wholesale Corporation is Americas largest...Ch. 1 - Prob. 2CCh. 1 - Prob. 3CCh. 1 - Prob. 4CCh. 1 - Refer to the CVS annual report and the financial...
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- Which is correct?1 Income Statement shows the financial position of an entity. 2 Statement of Financial Position provides the result of business operationsarrow_forward1. What is a Statement of Changes in Equity? 2. What are the elements of an SCE? 3. Differentiate the SCE of a sole proprietorship, a partnership and a corporation.arrow_forward1. Differentiate the four forms of business organizations: Sole proprietorship General Partnership Limited liability Company Corporations 2. Explain and describe the type of information needed by each of these users: Revenue expenses profitability debt 3. Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 4. Define and explain each qualitative characteristics of useful financial information: Verifiability Timeliness Understandability Comparability 5. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business 6. Name a 10 company according to the three major types of businesses 7. Define the three major elements of accounting equation:…arrow_forward
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