Acct151 Chapter 2 HW

Acct151 Chapter 2 HW - Taylor Foxworth Accounting 151...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Taylor Foxworth Accounting 151 Chapter 2 – E1, E9, E4, P6, P7, P3 E1. ) 1. Reliability - Information that users can depend on to represent the events that it purports to represent. 2. Materiality - Information that has the capacity to make a difference in a decision. 3. Relevance - Information that is valid, that indicates an agreement between the underlying data and the events represented. 4. Consistency - Information that allows for comparisons to be made from one accounting period to the next. 5. Reliability - Information that is free from error. 6. Understandability - Information that is meaningful to those who are willing to use it properly. 7. Reliability - Information that is not slanted to portray a company’s position any better or worse than the circumstances warrant. 8. Comparitibility - Information that allows for comparisons to be made between or among companies. E9.) 1. Accounts payable BS 2. Accounts receivable BS 3. Advertising expense IS 4. Bad debt expense IS 5. Bonds payable RE 6. Buildings BS 7. Cash BS 8. Common stock BS 9. Depreciation expense IS 10. Dividends RE 11. Land held for future expansion BS 12. Loan payable BS 13. Office supplies BS 14. Patent BS 15. Patent amortization expense IS 16. Prepaid insurance BS 17. Retained earnings RE 18. Sales IS 19. Utilities expense IS 20. Wages payable IS
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
E4.) Sara’s Amy’s Jane’s
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 7

Acct151 Chapter 2 HW - Taylor Foxworth Accounting 151...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online