Presented below are a number of operational guidelines and practices that have developed over
time. Select the assumption, principle, or constraint that most appropriately justifies these
procedures and practices. (Do not use qualitative characteristics.) a. Fair value changes are not
recognized in the accounting records. b. Financial information is presented so that investors will
not be misled. c. Intangible assets are amortized over periods benefited. d. Agricultural
companies use fair value for purposes of valuing crops. e. Each enterprise is kept as a unit
distinct from its owner or owners. t. All significant post-baiance-sheet events are disclosed. 8.
Revenue is recorded when the product is delivered. h. All important aspects of bond indentures
are presented in financialstatements. 1. Rationale for accrual accounting. j. The use of
consolidated statements is justified. k. Reporting must be done at defined time intervals. I. An
allowance for doubtful accounts is established. m. Goodwill is recorded only at time of purchase.
n. Acompany charges its sales commission costs to expense. hes and practices that have
developed over time. ost appropriately justifies these procedures and practices. (Do not use
qualitative.
Requires a high degree of consensus among individuals on a given meas.pdfajantainds23
Requires a high degree of consensus among individuals on a given measurement. The use of
consol dated statements is justified Rationale why plant assets are not reported at liquidation
value. Ensures that all relevant financial information is reported. Indicates that market value
changes subsequent to purchase are not recorded n the accounts. Intangibles are capitalized and
amortized over periods benefited. A company charges its solos commission costs to expense in
the income statement increase in assets less liabilities during the year, after ignoring distributions
to owners and investments by owners Items characterized by service potential or future
economic benefit. Reporting must be done at defined time intervals. An allowance for doubtful
accounts is established. Lower-of-cost-or-market is used to value inventories. Enables investors
and creditors to forecast future bond for the company. Issuance of interim reports is an example
of this quality of accounting information. Arise from activities that constitute the entity\'s
ongoing major or central operations. Ignores the economic consequences of a standard or rule.
Repair tools are expensed and not capitalized when purchased. The dollar is used to report on
financial performance.
Solution
1) Neutrality
2) Full disclosure principle
3) Measurement priciple(historical cost)
4) Periodicity
5) Measurement principle (historical cost).
Requires a high degree of consensus among individuals on a given meas.pdfajantawatchkota
Requires a high degree of consensus among individuals on a given measurement. The use of
consol dated statements is justified Rationale why plant assets are not reported at liquidation
value. Ensures that all relevant financial information is reported. Indicates that market value
changes subsequent to purchase are not recorded n the accounts. Intangibles are capitalized and
amortized over periods benefited. A company charges its solos commission costs to expense in
the income statement increase in assets less liabilities during the year, after ignoring distributions
to owners and investments by owners Items characterized by service potential or future
economic benefit. Reporting must be done at defined time intervals. An allowance for doubtful
accounts is established. Lower-of-cost-or-market is used to value inventories. Enables investors
and creditors to forecast future bond for the company. Issuance of interim reports is an example
of this quality of accounting information. Arise from activities that constitute the entity\'s
ongoing major or central operations. Ignores the economic consequences of a standard or rule.
Repair tools are expensed and not capitalized when purchased. The dollar is used to report on
financial performance.
Solution
1) Neutrality
2) Full disclosure principle
3) Measurement priciple(historical cost)
4) Periodicity
5) Measurement principle (historical cost).
Exercise 2-4Identify the appropriate qualitative characteristic(s).docxPOLY33
Exercise 2-4
Identify the appropriate qualitative characteristic(s) to be used for given the information provided below.
(a)
Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
(b)
Quality of information that confirms users’ earlier expectations.
(c)
Imperative for providing comparisons of a company from period to period.
(d)
Ignores the economic consequences of a standard or rule.
(e)
Requires a high degree of consensus among individuals on a given measurement.
(f)
Predictive value is an ingredient of this fundamental quality of information.
(g)
Four qualitative characteristics that are related to both relevance and faithful representation.
(h)
An item is not recorded because its effect on income would not change a decision.
(i)
Neutrality is an ingredient of this fundamental quality of accounting information.
(j)
Two fundamental qualities that make accounting information useful for decision-making purposes.
(k)
Issuance of interim reports is an example of what enhancing quality of relevance?
Exercise 2-6
Identify the accounting assumption, principle, or constraint that describes each situation. Do not use an answer more than once.
(a)
Allocates expenses to revenues in the proper period.
(b)
Indicates that fair value changes subsequent to purchase are not recorded in the accounts.
(c)
Ensures that all relevant financial information is reported.
(d)
Rationale why plant assets are not reported at liquidation value.
(e)
Indicates that personal and business record keeping should be separately maintained.
(f)
Separates financial information into time periods for reporting purposes.
(g)
Assumes that the dollar is the “measuring stick” used to report on financial performance.
Exercise 2-7
Presented below are a number of operational guidelines and practices that have developed over time.
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices.
(a)
Fair value changes are not recognized in the accounting records.
(b)
Financial information is presented so that investors will not be misled.
(c)
Intangible assets are capitalized and amortized over periods benefited.
(d)
Agricultural companies use fair value for purposes of valuing crops.
(e)
Each enterprise is kept as a unit distinct from its owner or owners.
(f)
All significant post-balance-sheet events are reported.
(g)
Revenue is recorded at point of sale.
(h)
All important aspects of bond indentures are presented in financial statements.
(i)
Rationale for accrual accounting.
(j)
The use of consolidated statements is justified.
(k)
Reporting must be done at defined time intervals.
(l)
An allowance for doubtful accounts is established.
(m)
Goodwill is recorded only at time of ...
Requires a high degree of consensus among individuals on a given meas.pdfajantainds23
Requires a high degree of consensus among individuals on a given measurement. The use of
consol dated statements is justified Rationale why plant assets are not reported at liquidation
value. Ensures that all relevant financial information is reported. Indicates that market value
changes subsequent to purchase are not recorded n the accounts. Intangibles are capitalized and
amortized over periods benefited. A company charges its solos commission costs to expense in
the income statement increase in assets less liabilities during the year, after ignoring distributions
to owners and investments by owners Items characterized by service potential or future
economic benefit. Reporting must be done at defined time intervals. An allowance for doubtful
accounts is established. Lower-of-cost-or-market is used to value inventories. Enables investors
and creditors to forecast future bond for the company. Issuance of interim reports is an example
of this quality of accounting information. Arise from activities that constitute the entity\'s
ongoing major or central operations. Ignores the economic consequences of a standard or rule.
Repair tools are expensed and not capitalized when purchased. The dollar is used to report on
financial performance.
Solution
1) Neutrality
2) Full disclosure principle
3) Measurement priciple(historical cost)
4) Periodicity
5) Measurement principle (historical cost).
Requires a high degree of consensus among individuals on a given meas.pdfajantawatchkota
Requires a high degree of consensus among individuals on a given measurement. The use of
consol dated statements is justified Rationale why plant assets are not reported at liquidation
value. Ensures that all relevant financial information is reported. Indicates that market value
changes subsequent to purchase are not recorded n the accounts. Intangibles are capitalized and
amortized over periods benefited. A company charges its solos commission costs to expense in
the income statement increase in assets less liabilities during the year, after ignoring distributions
to owners and investments by owners Items characterized by service potential or future
economic benefit. Reporting must be done at defined time intervals. An allowance for doubtful
accounts is established. Lower-of-cost-or-market is used to value inventories. Enables investors
and creditors to forecast future bond for the company. Issuance of interim reports is an example
of this quality of accounting information. Arise from activities that constitute the entity\'s
ongoing major or central operations. Ignores the economic consequences of a standard or rule.
Repair tools are expensed and not capitalized when purchased. The dollar is used to report on
financial performance.
Solution
1) Neutrality
2) Full disclosure principle
3) Measurement priciple(historical cost)
4) Periodicity
5) Measurement principle (historical cost).
Exercise 2-4Identify the appropriate qualitative characteristic(s).docxPOLY33
Exercise 2-4
Identify the appropriate qualitative characteristic(s) to be used for given the information provided below.
(a)
Qualitative characteristic being employed when companies in the same industry are using the same accounting principles.
(b)
Quality of information that confirms users’ earlier expectations.
(c)
Imperative for providing comparisons of a company from period to period.
(d)
Ignores the economic consequences of a standard or rule.
(e)
Requires a high degree of consensus among individuals on a given measurement.
(f)
Predictive value is an ingredient of this fundamental quality of information.
(g)
Four qualitative characteristics that are related to both relevance and faithful representation.
(h)
An item is not recorded because its effect on income would not change a decision.
(i)
Neutrality is an ingredient of this fundamental quality of accounting information.
(j)
Two fundamental qualities that make accounting information useful for decision-making purposes.
(k)
Issuance of interim reports is an example of what enhancing quality of relevance?
Exercise 2-6
Identify the accounting assumption, principle, or constraint that describes each situation. Do not use an answer more than once.
(a)
Allocates expenses to revenues in the proper period.
(b)
Indicates that fair value changes subsequent to purchase are not recorded in the accounts.
(c)
Ensures that all relevant financial information is reported.
(d)
Rationale why plant assets are not reported at liquidation value.
(e)
Indicates that personal and business record keeping should be separately maintained.
(f)
Separates financial information into time periods for reporting purposes.
(g)
Assumes that the dollar is the “measuring stick” used to report on financial performance.
Exercise 2-7
Presented below are a number of operational guidelines and practices that have developed over time.
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices.
(a)
Fair value changes are not recognized in the accounting records.
(b)
Financial information is presented so that investors will not be misled.
(c)
Intangible assets are capitalized and amortized over periods benefited.
(d)
Agricultural companies use fair value for purposes of valuing crops.
(e)
Each enterprise is kept as a unit distinct from its owner or owners.
(f)
All significant post-balance-sheet events are reported.
(g)
Revenue is recorded at point of sale.
(h)
All important aspects of bond indentures are presented in financial statements.
(i)
Rationale for accrual accounting.
(j)
The use of consolidated statements is justified.
(k)
Reporting must be done at defined time intervals.
(l)
An allowance for doubtful accounts is established.
(m)
Goodwill is recorded only at time of ...
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Presented below are a number of operational guidelines and practices t.pdf
1. Presented below are a number of operational guidelines and practices that have developed over
time. Select the assumption, principle, or constraint that most appropriately justifies these
procedures and practices. (Do not use qualitative characteristics.) a. Fair value changes are not
recognized in the accounting records. b. Financial information is presented so that investors will
not be misled. c. Intangible assets are amortized over periods benefited. d. Agricultural
companies use fair value for purposes of valuing crops. e. Each enterprise is kept as a unit
distinct from its owner or owners. t. All significant post-baiance-sheet events are disclosed. 8.
Revenue is recorded when the product is delivered. h. All important aspects of bond indentures
are presented in financialstatements. 1. Rationale for accrual accounting. j. The use of
consolidated statements is justified. k. Reporting must be done at defined time intervals. I. An
allowance for doubtful accounts is established. m. Goodwill is recorded only at time of purchase.
n. Acompany charges its sales commission costs to expense. hes and practices that have
developed over time. ost appropriately justifies these procedures and practices. (Do not use
qualitative
