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Homework answers / question archive / A list of accounting concepts follows: 1
A list of accounting concepts follows:
1. | Revenue recognition | |
2. | Matching | |
3. | Full disclosure | |
4. | Historical cost | |
5. | Expense recognition | |
6. | Realizable value |
Match these concepts to the following statements.
(a) |
Hirjikaka Company reports information about pending lawsuits in the notes to its financial statements. |
select an accounting concept
|
||
---|---|---|---|---|
(b) |
Sudin Company reduces prepaid insurance to reflect the insurance that has expired. |
select an accounting concept
|
||
(c) |
Joss Company records revenue when its performance obligation is satisfied. |
select an accounting concept
|
||
(d) |
Law Company records revenue as it completes services for its clients, not when the client pays cash. |
select an accounting concept
|
||
(e) |
Hilal Company reports its land at the price it paid for it, not at what it is now worth. |
select an accounting concept
|
||
(f) |
Rich Company reports inventory at the lower of cost and the estimated selling price less costs needed to make the sale. |
select an accounting concept
|
||
(g) |
Nickel Company depreciates its mining equipment using the units-of-production method. |
select an accounting concept
|
ans.
A list of accounting concepts follows:
1. | Revenue recognition | |
2. | Matching | |
3. | Full disclosure | |
4. | Historical cost | |
5. | Expense recognition | |
6. | Realizable value |
Match these concepts to the following statements.
(a) |
Hirjikaka Company reports information about pending lawsuits in the notes to its financial statements. |
select an accounting concept
|
||
---|---|---|---|---|
(b) |
Sudin Company reduces prepaid insurance to reflect the insurance that has expired. |
select an accounting concept
|
||
(c) |
Joss Company records revenue when its performance obligation is satisfied. |
select an accounting concept
|
||
(d) |
Law Company records revenue as it completes services for its clients, not when the client pays cash. |
select an accounting concept
|
||
(e) |
Hilal Company reports its land at the price it paid for it, not at what it is now worth. |
select an accounting concept
|
||
(f) |
Rich Company reports inventory at the lower of cost and the estimated selling price less costs needed to make the sale. |
select an accounting concept
|
||
(g) |
Nickel Company depreciates its mining equipment using the units-of-production method. |
select an accounting concept
|