Why Choose Us?
0% AI Guarantee
Human-written only.
24/7 Support
Anytime, anywhere.
Plagiarism Free
100% Original.
Expert Tutors
Masters & PhDs.
100% Confidential
Your privacy matters.
On-Time Delivery
Never miss a deadline.
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
|
Expert Solution
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
|
Archived Solution
You have full access to this solution. To save a copy with all formatting and attachments, use the button below.
For ready-to-submit work, please order a fresh solution below.
