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There are four basic accounting principles that underlie all accounting and financial reporting practices. These principles are (1) historical cost, (2) revenue recognition, (3) matching principle, and (4) full disclosure. According to the historical cost principle, assets and liabilities are recorded at their historical or acquisition cost. Applying this principle is beneficial because it can be supported by other documentation. Do you agree that the United States should use historical cost?
On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receivin
During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and admi
How would the process of generating a cash disbursments journal from the REA data models differ from the process for creating a sales journal?
Khan, Inc. reports a taxable and financial loss of $1,950,000 for 2015. Its pretax financial income for the last two years was as follows: The amount that Khan, Inc. reports a
If the predetermined overhead rate was $6 per machine hour, overhead was underapplied by $40,000, and actual machine hours were 70,000; illustrate what was the actual overh
On March 31, Videos Unlimited had received prepayments for a new video game to be released April 30. Videos Unlimited will distribute the game to customers on May 1. What mont
The company's fiscal year ends on February 28. Debbie's sold 500 shares of common stock at $6 per share on April 1. Illustrate what impact does the entry to record the April
Centaur Corporation is considering the purchase of an annex to one of its buildings. The annex will cost $10,000,000. Centaur estimates that the building annex will save it $9
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