Describe the accounting procedures and practices

Assignment Help Accounting Basics

Reference no: EM132738156

Question: Presented below are a number of accounting procedures and practices followed by January Corp. For each of these items, list the assumption, principle, or qualitative characteristic that is NOT being followed.

1. Because the company's income is low this year, January switched from accelerated depreciation to straight-line depreciation.

2. The president of January believes it is foolish to report financial information on a yearly basis. She believes that financial information should be disclosed only when significant new information is available related to the company's operations.

3. January decides to establish a large loss and related liability this year because of the possibility that it may lose a pending lawsuit. The possibility of loss is considered remote by the corporation's lawyers.

4. One of the corporation's executives purchased a new home computer for personal use with company money, charging Miscellaneous Expense.

5. The corporation has not established an Allowance for Doubtful accounts, even though there are a significant number of their accounts that are either slow paying or may not pay their debts in full.

Reference no: EM132738156

Questions Cloud

How might the information pertaining to protein synthesis : How might the information pertaining to protein synthesis and DNA coding be useful in the healthcare profession?

Was the negotiating bank justified in refusing to honour : Was the negotiating bank justified in refusing to honour its client's drawing, especially given the financial challenges faced by TLP? Explain your answer.

Several disadvantages to bipedality : Given all of the anatomical changes that occurred as a result of bipedalism, and the several disadvantages to bipedality

Define the hygiene hypothesis : Define the hygiene hypothesis. How could this hypothesis be associatedwith the current Covid pandemic, if at all? Or said another way

Describe the accounting procedures and practices : Presented below are a number of accounting procedures and practices followed by January Corp. For each of these items, list the assumption, principle.

Fixing dna sequence errors or structural dna : Using at least one example, discuss whether "DNA repair processes" are uniquely directed to fixing DNA sequence errors or structural DNA

What is the phenotype of the sons in generation iii : What is the phenotype of the sons in generation III? How do you know?

Effect on the incidence of human malaria : 3. Which of the following public health measures would have no effect on the incidence of human malaria?

Differences between gracile and robust australopithecines : What are the similarities and differences between gracile and robust australopithecines? What, if anything, can this tell us about their lifestyle

User Account

All Pages