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Mar 16, 2021 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 ...
Apr. 2 Cash 32,000 Equipment 14,000 Beverly Crusher, Capital 46,000 2 Secretary has not been paid yet, would reflect at a later date.(Apr.30) Apr. 3 Supplies 700 Accounts Payable 700 Apr. 7 Rent Expense 600 Cash 600 Apr. 11 Accounts Receivable 1,100 Service Revenue 1,100 Apr. 12 Cash 3,200 Consultation (non-service) 3,200 Apr. 17 Cash 2,300 ...
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Mar 01, 2012 o (b) generally accepted attest principles. o (c) government audit and attest policies. o (d) generally accepted accounting principles. 2. Accounting standard-setters use the following process in establishing accounting standards: o (a) Research, exposure draft, discussion paper, standard.
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Accepted Accounting Principles (“GAAP”), as those principles exist at the Date of Entry of this Consent Decree, excluding the cost of installing or upgrading pollution control devices. Consent Decree.
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example of the restaurant business of the Kherson region. The analyzed restaurant has the following divisions: (1) Bar, (2) Kitchen, (3) Service, (1) Warehouse. Let us consider the features of accounting in the kitchen. For accounting in the kitchen is a responsible chef. His duties are not only accounting of raw materials and
2-7 a) Allocates expenses to revenues in the proper period. 6. MATCHING PRINCIPLE b) Indicates that market value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle) 5. HISTORICAL COST PRINCIPLE c) Ensures that all relevant financial information is reported. 7. FULL DISCLOSURE PRINCIPLE d) Rationale why plant assets are not reported at ...
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