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Match each of the numbered descriptions with the principle or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each description.
A. General accounting principle B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principleF. Matching principleG. Going concern assumptionH. Full disclosure principle1. Usually created by a pronouncement from an authoritative body.2. Financial statements reflect the assumption that the business continues operating.3. Derived from long used and generally accepted accounting practices.4. Every business is accounted for separately from its owner or owners.5. Revenue is recorded only when the earnings process is complete.6. Information is based on actual costs incurred in transactions.7. A company records the expenses incurred to generate the revenues reported.8. A company reports details behind financial statements that would impact users decisions.
laura eddy opened eddys carpet cleaners inc. on march 1. during march the following transactions were completed. mar1
All economies of scale are achieved at the minimum of
a describe what is meant by decentralization. give examples of specific companies and how they choose to decentralize
Prepare a 2014 retained earnings statement for Beidler Company.
on january 10 2012 a paid 2100 rent for a storage facility for the period from january 10 through may 31. the rent
A firm has sales of $10 million, variable costs of $4 million, fixed expenses of $1.5 million, interest costs of $2 million, and a 30 percent average tax rate.
blanchard company manufactures a single product that sells for 140 per unit and whose total variable costs are 112 per
Torrie Company borrowed $50,000 on January 2, 2007. This amount plus accrued interest of 5% compounded annually will be repaid at the end of 3 years. What amount will Torrie repay at the end of the third year?
On June 30, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much of the $120,000 is a dividend to Sharon?
a not-for profit nursing home has total expenses of 20 million. sales tax in the state is 7. expenses are broken down
What does it mean when information flows down, across, and up the organization?
worm company had 2007 taxable income of 60000 which included the following bad debt expense allowance for financial
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