This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Match the accounting principle or assumption that is most applicable to each of the following. Each ... (Read 28 times)

serike

  • Hero Member
  • *****
  • Posts: 542
on: Jul 5, 2018
Match the accounting principle or assumption that is most applicable to each of the following. Each term should be used only once.
 
  a. monetary-unit assumption
  b. historical-cost principle
  c. going-concern assumption
  d. revenue-recognition principle
  e. matching principle
 
  _____ 1. Team Shirts reports assets valued at the original transaction price.
  _____ 2. The expenses incurred by Team Shirts in March were subtracted from March revenues to calculate the profit for March.
  _____ 3. Team Shirts reports the amounts on its financial statements in dollars.
  _____ 4. Team Shirts reports amounts earned even though cash has not yet been collected.
  _____ 5. Tom has plans to run Team Shirts indefinitely.

Question 2

When a check is written to replenish the petty cash fund, it is entered in the journal by debiting the proper accounts indicated in the Distributions columns of the petty cash record and by crediting Cash Over and Short.
 a. True
   b. False
   Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

dpost18

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jul 5, 2018
Answer to Question 1

b, e, a, d, c

Answer to Question 2

False


serike

  • Member
  • Posts: 542
Reply 2 on: Jul 5, 2018
Wow, this really help

tuate

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

Did you know?

This year, an estimated 1.4 million Americans will have a new or recurrent heart attack.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Is the principle of cause and effect unfounded? Is the principle of cause and effect unfounded?
The principle of Southern transfer and hybridization The principle of Southern transfer and hybridization
Development Accounting Development Accounting
Gestalt Principle: Similarity Gestalt Principle: Similarity
Accounting Accounting
MANAGEMENT ACCOUNTING MANAGEMENT ACCOUNTING
Video: Sigmoidoscopy

For a complete list of videos, visit our video library