Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) (b) Indicates that personal and business recordkeeping should be separately maintained. (c) Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the ""measuring stick"" used to report on financial performance. (e) Requires that accounting standards be followed for all items of significant size. (f) Separates financial information into time periods for reporting purposes. (g) Requires recognition of expenses in the same period as related revenues. (h) Indicates that fair value changes subsequent to purchase are not recorded in the accounts.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Identify the accounting concept that describes each situation below. Do not use any concept more than once. (a) Is the rationale for why ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Bonita Industries had 809000 shares of common stock outstanding at December 31, 2021. In addition, it had 149000 stock options outstanding, which had been granted to certain executives, and which gave them the right to purchase shares of Bonita's
Answers (1)
Tanya spoke so fast during her speech that it was difficult to understand her. A. Articulation B. Volume C. Inflection D. Tone E. Rate of delivery F. Rhythm H. Dramatic pause
Answers (2)
The 1974 federal legislation that exempted employers from certain state laws governing health insurance was A. COBRA B. ERISA C. CON D. HIPAA E. SCHIP
Answers (1)
You are faced with a dilemma. You want very much to go to the park with your friends and hang out. However, your mother left you firm instructions to clean your bedroom.
Answers (1)
Major Corp. is considering the purchase of a new machine for $5,000 that will have an estimated useful life of 5 years and no salvage value. The machine will increase Major's after-tax cash flow by $2,000 annually for 5 years.
Answers (1)
New Questions in Business
Determine the future amount if $240,000 is to be received 5 years from today, at 10 percent annual interest.
Answers (1)
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value.
Answers (1)
Tirri Corporation has provided the following information: Cost per UnitCost per Period Direct materials$7.35 Direct labor$3.55 Variable manufacturing overhead$1.40 Fixed manufacturing overhead $24,100 Sales commissions$1.
Answers (1)
A what type of budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year
Answers (1)
Barton Industries has operating income for the year of $3,500,000 and a 36% tax rate. Its total invested capital is $20,000,000 and its after-tax percentage cost of capital is 8%. What is the firm's EVA?
No Answers