CHAPTER_2_HOMEWORK_SOLUTIONS

CHAPTER_2_HOMEWORK_SOLUTIONS - CHAPTER2HOMEWORKSOLUTIONS...

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CHAPTER 2 HOMEWORK SOLUTIONS BRIEF EXERCISE 2-4 (a) Periodicity (b) Monetary unit (c) Going concern (d) Economic entity EXERCISE 2-2 (15–20 minutes) (a) Comparability (b) Feedback Value (c) Consistency (d) Neutrality (e) Verifiability (f) Relevance (g) Comparability and Consistency (h) Reliability (i) Relevance and Reliability (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 2-6 (a) It is well established in accounting that revenues, cost of goods sold and expenses must be disclosed in an income statement. It might be noted to students that such was not always the case. At one time, only net income was
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CHAPTER_2_HOMEWORK_SOLUTIONS - CHAPTER2HOMEWORKSOLUTIONS...

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