ASSIGNMENT 1 ACCT 201.doc -...

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Jawaher Abdullatif Al.Ojayl  140065142   “ Q1/ Finding the Appropriate Accounting Principle and then suggesting the action fot each Seperate Situtaion: 1) Business Entity principle:  $500 should be refund to the business or else it can be recorded  as Withdrawl by the Cathy's. For day care in future She should  use a personal check to pay. 2) Going Concern principle: Cathy's Antiques is not closing the business. She just closing for  month-long vacation; So She should hold an inventory reduction  sale or other appropriate sale. 1
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3) Monetary Unit principle:  should be U.S dollars. 4) Revenue Recognition principle  Should not be recognized as Revenue , because the table has  not been delivered.  $1,500 should be recorded  as Deposits  Received from Customers upto table is to be delivered. Q2.
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  • Fall '14
  • International Financial Reporting Standards, U.S. Securities and Exchange Commission, Financial Accounting Standards Board, appropriate accounting principle, Salaries Payable Dr

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