Quiz2 Solution - ACG3481 Quiz 2 (15 points) Name _ Lab...

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ACG3481 Name ___________________________________ Quiz 2 Lab Period _______________________________ (15 points) 1. Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. ( 1 point for each correct answer; the “principle” or “assumption” part is not necessary for credit. ) a. An allowance for doubtful accounts is established. Matching principle b. All important aspects of bond indentures are presented in the financial statements. Full disclosure principle c. Market value changes are not recognized in the accounting records. Historical cost principle d. Each enterprise is kept as a unit distinct from its owners. Economic entity assumption e. Plant assets are not recorded at their liquidation value. Going concern assumption 2. Orlando Bloom, D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred.
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This note was uploaded on 04/08/2009 for the course ACG 3481 taught by Professor Dickinson during the Fall '08 term at University of Florida.

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Quiz2 Solution - ACG3481 Quiz 2 (15 points) Name _ Lab...

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