help in homework

New User?

Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / For each of the following, indicate which characteistic or principle has been violated

For each of the following, indicate which characteistic or principle has been violated

Accounting

For each of the following, indicate which characteistic or principle has been violated. If none has been violated, indicate Not Applicable.
 

(a)   After using the diminishing balance method at double the straight-line rate for three years, Travis Delivery Ltd. decides to switch to the straight-line method of depreciating its equipment from this point forward in order to save on taxes.  
Entry field with correct answer
  
(b)   Gifford Services Ltd. is reluctant to discuss in its financial statement notes any potential outstanding losses concerning a long ongoing employee strike.  
Entry field with correct answer
  
(c)   The annual financial statement of Trudel Equipment Ltd., a publicly traded corporation, are not audited by a public accounting firm.  
Entry field with correct answer
  
(d)   Barton Tools Ltd. is using an inventory valuation method that is different from the one used by other companies in its industry.  
Entry field with correct answer
  
(e)   Hum Dealers Ltd. wants to be very precise and wait six months to measure properly outstanding losses and expenses that would require estimation at the end of the fiscal year.  
Entry field with correct answer
  
(f)   Strong Consulting Ltd. has spent a great deal of money over the years to promote its services to the public, and to get name recognition. Strong did not record any goodwill on its balance sheet for these costs.  
Entry field with correct answer
  
(g)   Shift Services Inc. included the sales and collections on account for the first week of the new fiscal year in the current financial statements.  
Entry field with correct answer
  
(h)   In order to earn a bonus, the president of Dragon Delivery Ltd. instructs the accountant to reduce the percentage of accounts receivable used in calculating bad debt expense for the year.  
Entry field with correct answer
  
(i)   In order to keep the financial statements of Block Brewery Ltd. simple, the accountant prepared an income statement with three lines: Revenue, Expenses, and Profit and did not include any supplementary information.  
Entry field with correct answer
  
(j)   Wall Retail Ltd. uses estimates rather than a complete physical count of the inventory for purposes of preparing monthly financial statements.  
Entry field with correct answer
  
(k)   In order to keep competitors guessing, the accountant of Manning Supply Ltd. prepared financial statements that could only be interpreted by very sophisticated users.  
Entry field with correct answer
  

Option 1

Low Cost Option
Download this past answer in few clicks

8.91 USD

PURCHASE SOLUTION

Already member?

Option 2

Custom new solution created by our subject matter experts

GET A QUOTE

rated 5 stars

Purchased 4 times

Completion Status 100%
View Answer

Sitejabber (5.0)

BBC (5.0)

Trustpilot (4.9)

Google (5.0)