ACCT251E2-1through2-5Sol - (b) 5. Historical cost...

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EXERCISE 2-1 (20–30 minutes) (a) Feedback Value. (f) Relevance and Reliability. (b) Cost/Benefit and Materiality. (g) Timeliness. (c) Neutrality. (h) Relevance. (d) Consistency. (i) Comparability. (e) Neutrality. (j) Verifiability. EXERCISE 2-2 (15–20 minutes) (a) Comparability. (f) Relevance. (b) Feedback Value. (g) Comparability and Consistency. (c) Consistency. (h) Reliability. (d) Neutrality. (i) Relevance and Reliability. (e) Verifiability. (j) Timeliness. EXERCISE 2-3 (15–20 minutes) (a) Gains, losses. (b) Liabilities. (c) Investments by owners, comprehensive income. (also possible would be revenues and gains). (d) Distributions to owners. (Note to instructor: net effect is to reduce equity and assets). (e) Comprehensive income. (also possible would be revenues and gains). (f) Assets. (g) Comprehensive income. (h) Revenues, expenses. (i) Equity. (j) Revenues. (k) Distributions to owners. (l) Comprehensive income.
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EXERCISE 2-4 (15–20 minutes) (a) 7. Expense recognition principle.
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Unformatted text preview: (b) 5. Historical cost principle. (c) 8. Full disclosure principle. (d) 2. Going concern assumption. (e) 12. Conservatism. (f) 1. Economic entity assumption. (g) 4. Periodicity assumption. (h) 11. Industry practices. (i) 10. Materiality. (j) 3. Monetary unit assumption. EXERCISE 2-5 (20–25 minutes) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Historical cost principle. Conservatism. Full disclosure principle. Expense recognition principle. Materiality. Industry practices or fair value principle. Economic entity assumption. Full disclosure principle. Revenue recognition principle. Full disclosure principle. (k) Revenue and expense recognition principles. (l) Economic entity assumption. (m) Periodicity assumption. (n) Expense recognition principle. (o) Materiality. (p) Historical cost principle. (q) Conservatism. (r) Expense recognition principle....
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This note was uploaded on 11/04/2009 for the course ACCTG 411 taught by Professor Gillick during the Spring '09 term at University of Washington.

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ACCT251E2-1through2-5Sol - (b) 5. Historical cost...

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