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Homework answers / question archive / A list of accounting concepts follows:   1

A list of accounting concepts follows:   1

Accounting

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

Entry field with correct answer

(b)  

Sudin Company reduces prepaid insurance to reflect the insurance that has expired.

  select an accounting concept

Entry field with correct answer

(c)  

Joss Company records revenue when its performance obligation is satisfied.

  select an accounting concept

Entry field with correct answer

(d)  

Law Company records revenue as it completes services for its clients, not when the client pays cash.

  select an accounting concept

Entry field with correct answer

(e)  

Hilal Company reports its land at the price it paid for it, not at what it is now worth.

  select an accounting concept

Entry field with correct answer

(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

Entry field with correct answer

(g)  

Nickel Company depreciates its mining equipment using the units-of-production method.

  select an accounting concept

Entry field with correct answer

 

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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

Entry field with correct answer

(b)  

Sudin Company reduces prepaid insurance to reflect the insurance that has expired.

  select an accounting concept

Entry field with correct answer

(c)  

Joss Company records revenue when its performance obligation is satisfied.

  select an accounting concept

Entry field with correct answer

(d)  

Law Company records revenue as it completes services for its clients, not when the client pays cash.

  select an accounting concept

Entry field with correct answer

(e)  

Hilal Company reports its land at the price it paid for it, not at what it is now worth.

  select an accounting concept

Entry field with correct answer

(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

Entry field with correct answer

(g)  

Nickel Company depreciates its mining equipment using the units-of-production method.

  select an accounting concept

Entry field with correct answer