Ch.1 questions

Ch.1 questions - description. A. General accounting...

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BUSI1002R_Introduction to Accounting_Ch.1_Questions P. 1 Chapter 1 Accounting in Business (Discussion: DQ 5,17,22,34, QS 1-7. Ex 1-4) 5. Identify three actual businesses that offer services and three actual businesses that offer products. 17. Define (a) assets, (b) liabilities, (c) equity, and (d) net assets. 22. Identify the four basic financial statements of a business. 34. Identify the dollar amount of Radio-Shack’s 2006 assets, liabilities, and equity as reported in its statements in Appendix A near the end of the book. Quick Study 1-7 Applying the accounting equation Using the accounting equation to compute the missing financial statement amounts (a),(b) & (c). Company Asset = Liabilities + Equity 1 2 3 $375,000 $ (b) $185,000 $ (a) $90,000 $60,000 $250,000 $160,000 $ (c)
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BUSI1002R_Introduction to Accounting_Ch.1_Questions P. 2 Exercise 1-4 Identify accounting principles and assumptions Match each of the numbered descriptions with the principle or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each
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Unformatted text preview: description. A. General accounting principle B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Full disclosure principle G. Going-concern assumption H. Matching principle Code Description _ 1. Usually created by a pronouncement from an authoritative body. _ 2. Financial statements reflect the assumption that the business continues operating. _ 3. Derived from long-used and generally accepted accounting practices. _ 4. Every business is accounted for separately from its owner or owners. _ 5. Revenue is recorded only when the earnings process is complete. _ 6. Information is based on actual costs incurred in transactions. _ 7. A company reports details behind financial statements that would influence users' decisions. _ 8. A company records the expenses incurred to generate the revenue reported....
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Ch.1 questions - description. A. General accounting...

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