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- What business transaction will increase asset and increase liabilityGive one word or a term used to describe the following: a) An allowance by a creditor to debtor for prompt payment.b) Commodities in which a business deals. c) An obligation which may or may not materialise.d)An exchange of benefit for value.e) Things of value owned by business to earn future profits. f) Assets like brand value, copy rights, goodwill.What are business transactions called that increase owner’s equity as a result of providing a services or selling products to customers? Group of answer choices revenue expense liability asset
- Which one of the following is not among the conditions that will qualify a situation, particular action or set of circumstances as an accountable event? A. It changes (increases or decreases) one or more elements of the financial position of a business enterprise B. The event has already happened C. It must be capable of money measurement with a reasonable degree of precision D. There must be a value received and a value parted with between two partiesWhich of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. TimelinessMatch each concept with the definition that best describes it. Expense recognition principle (matching [ Choose] principle) [ Choose ] Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur. Accounting basis in which companies record revenue when they receive cash and an expense when they pay out cash. The principle that companies recognize revenue in the accounting period in which the performance obligation is satisfied. Information that accurately depicts what really happened. The principle that companies recognize expense in the period in which they make efforts (consume assets or incur liabilities) to generate revenue. An assumption that accountants can divide the economic life of a business into artificial time periods. Monthly or quarterly accounting time periods. An accounting period that extends from January 1 to December 31. Revenue recognition principle Time period assumption Calendar year…
- Revenue Recognition: Explain the concept of revenue recognition in accounting. Provide examples of situations where revenue recognition might be challenging, and discuss the importance of adhering to appropriate accounting standards. Depreciation Methods: Compare and contrast the straight-line and declining balance methods of depreciation. Discuss the advantages and disadvantages of each method, and explain how the choice of depreciation method can impact a company's financial statements.Match the correct term with its definition.A. Cost principlei. if uncertainty in a potential financial estimate, a company should err on the side ofcaution and report the most conservative amount B. Full disclosureprinciple ii. also known as the historical cost principle, states that everything the company ownsor controls (assets) must be recorded at their value at the date of acquisition C. Separateentity concept iii. (also referred to as the matching principle) matches expenses with associatedrevenues in the period in which the revenues were generated D. Monetarymeasurementconcept iv. business must report any business activities that could affect what is reported onthe financial statements E. Conservatismv. system of using a monetary unit by which to value the transaction, such as the USdollar F. Revenuerecognitionprinciple vi. period of time in which you performed the service or gave the customer theproduct is the period in which revenue is recognized G. Expenserecognitionprinciple…1. 2. 3. 4. 5. I. MATCHING TYPE. Match the appropriate accounting concepts and principles in Column A to Celum B.. COLUMN A Consistency Periodicity Objectivity Entity Concept Materiality COLUMN B A. Concerned with information that is significant enough to affect valuation or decision. B. Records of properties acquired and services availed of by a business are maintained. C. Means that similar items should receive a similar accounting treatment. D. E. Should be supported by a sufficient evidence Involves dividing the life of a business entity into accounting periods of equal length.
- Assets are creditors claims on assets. These claims reflect company obligations to provide assets, products or services to others True B False_______________________________ is generally referred as a parameter to check/test the efficiency of the business concern. Select one: A. Assets B. Liabilities C. Profit D. Capital95 Conceptual Framework Information that is capable of making a difference in the decisions made by users has this qualitative characteristic. a. Relevance b. Faithful representation 2. c. Timeliness d. Verifiability 3. When making materiality judgments, the overriding consideration is a. the ability of the item being judged to influence users' decisions. b. the size of the impact of the item being judged. the characteristics of the item being judged. C. d. cand d 4. This qualitative characteristic is unique in the sense that it necessarily requires at least two items. a. Verifiability b. Faithful representation c. Timeliness d. Comparability 5. Which of the following enhances the comparability of information? a. Making unlike things look alike. b. Making like things look different. c. Using different methods to account for similar transactions from period to period. d. Consistent application of accounting policies from period to period. 6. Information has this qualitative…