AC 501 J Ashe Week 1 Homework - Exercise 2-7(Assumptions Principles and Constraints 1 Economic entity assumption 2 Going-concern assumption 3 Monetary

AC 501 J Ashe Week 1 Homework - Exercise 2-7(Assumptions...

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Exercise 2-7 (Assumptions, Principles and Constraints) 1 Economic entity assumption f 2 Going-concern assumption d 3 Monetary unit assumption j 4 Periodicity assumption g 5 Historical-cost principle b 6 Matching principle a 7 Full disclosure principle c 8 Cost-benefit relationship no letter matches up with number 8 9 Materiality i 10 Industry practices h 11 Conservatism e
Exercise 2-8 (Assumptions, Principles and Constraints) a Historical cost principle b Conservatism c Full disclosure principle d Matching principle e Materiality f Industry practices g Economic entity assumption h Full disclosure principle i Revenue recognition principle j Full disclosure principle k Matching principle l Economic entity assumption m Periodicity assumption n Matching principle o Materiality p Historical cost principle q Conservatism r Matching principle
Exercise 3-1 (Transaction Analysis-Service Company) Debit Credit Apr. 2 Cash 32,000 Equipment 14,000 Beverly Crusher, Captial 46,000 Apr. 2 Salaries Expense 15,080 Salary Payable 15,080 Apr. 3

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