E2-2through-5Solutions

E2-2through-5Solutions - 12. Conservatism. (f) 1. Economic...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
EXERCISE 2-4 (15–20 minutes) (a) 7. Expense recognition principle. (b) 5. Historical cost principle. (c) 8. Full disclosure principle. (d) 2. Going concern assumption. (e)
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 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 (2025 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....
View Full Document

Page1 / 2

E2-2through-5Solutions - 12. Conservatism. (f) 1. Economic...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online