Uil Accounting

Текущие оборотные активы, оборотный капитал – Current/floating assets
Identify the accounting assumption, principle, or constraint that describes each situation.

(a) Allocates expenses to revenues in the proper period.

(b) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.)

(c) Ensures that all relevant financial information is reported.

(d) Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.)

(e) Indicates that personal and business record keeping should be separately maintained.

(f) Separates financial information into time periods for reporting purposes.

(g) Permits the use of fair value valuation in certain industries. (Do not use fair value principle.)

(h) Assumes that the dollar is the "measuring stick" used to report on financial performance. – A. Expense Recongnition Principle
B. Historical Cost Principle
C. Full Disclosure Principle
D. Going Concern Assumption
E. Economic Entity Assumption
F. Periodicity Assumption
G. Industry Practices
H. Monetary Unit Awsumption

Credit – An amount recorded on the right side of T account
What are the four types of adjusting journal entries? – -Accrued Revenues (transaction will occur after the balance sheet date).
-Accrued Expenses (transaction will occur after the balance sheet date).
-Prepaid Expense
-Unearned Revenues
Three Financial Statements – Income Statements, Statement of Owners Equity and Balance Sheet.
cash – current asset, BS, debit
Which of the following is true of Elizabethan theatrical costumes?
Внебалансовые статьи – Below-the-line items
Fiscal Year – used to describe a specific period of time used for financial reporting
Account balance – Сальдо по счету
Which оf the fоllоwing is true of Elizаbethаn theаtrical costumes?
patents – give the exclusive right (from the U.S. patent office) to use a technology or drug for a period of 20 years. Patents are granted to protect the invention from imitators

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