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ACCT 310 - 013108 - Assignment 3

ACCT 310 - 013108 - Assignment 3 - p Conservatism q...

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Tim Thyne ACCT 310.01 Wertheim 01/31/08 Assignment 3: E2-1, E2-5, E2-6 E2-1 a) Feedback value b) Cost/benefit and materiality c) Neutrality d) Consistency e) Neutrality f) Relevance and reliability g) Timeliness h) Relevance i) Comparability j) Verifiability E2-5 a) Historical cost b) Conservatism c) Full disclosure d) Matching principle e) Materiality f) Industry practices g) Economic entity assumption h) Full disclosure i) Revenue recognition j) Full disclosure k) Matching l) Economic entity assumption m) Periodicity assumption n) Matching principle o) Historical cost
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Unformatted text preview: p) Conservatism q) Matching principle E2-6 a) Full disclosure says that revenues and cost of goods sold must be disclosed in the income statement. b) The equipment must be reported as an asset and the corresponding notes payable as a liability on the balance sheet. c) GAAP says that both the method used and basis for determining needs to also be reported . d) The change in the accounting principles need to be disclosed in the financial statements....
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