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Quiz2 Solution - ACG3481 Quiz 2(15 points Name Lab Period 1...

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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. a. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was earned but not yet billed to the insurance companies.
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