30 May AC 501 Unit 1 Homework Assignment NEW
E2-7 (Assumptions, Principles, and Constraints): Presented below are the assumptions, principles, and constraints used in this chapter.
1. Economic entity assumption 5.Historical-cost principle 9. Materiality
2. Going-concern assumption 6.Matching principle 10. Industry practices
3. Monetary unit assumption 7. Full disclosure principle 11. Conservatism
4. Periodicity assumption 8. Cost-benefit relationship
Instructions
Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once.
E2-8 (Assumptions, Principles, and Constraints): Presented below are a number of operational guidelines and practices that have developed over time.
Instructions
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.)
E3-1 (Transaction Analysis—Service Company)
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred.
E3-4 (Corrected Trial Balance): The trial balance of Watteau Co. (shown on the next page) does not balance.
E3-10 (Adjusting Entries) Greco Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.
E3-14 (Closing Entries)
Presented below is information related to Gonzales Corporation for the month of January 2008.
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