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accounting
Accounting
| Question | Answer |
|---|---|
| An owner of a small engineering business, operating as a proprietorship from his home office, also paints and sells watercolor paintings in his spare time. He combines all the transactions in one set of books. | Economic entity |
| A small storage shed was purchased from a home supply store at a discount sale price of $5,000 cash. The clerk recorded the asset at $6,000, which was the regular price. | Cost principle |
| At the end of each year, business owner looks at his estimated net income for the year and decides which depreciation method he will use in a effort to reduce his business income taxes to the lowest amount possible. | Consistency |
| ABS consulting received cash of $6,000 from new customer for consulting services that ABS is to provide over the next six months. The transaction was recorded as a credit to revenue. | Revenue Recognition |
| Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statement. | Full Disclosure |
Created by:
Dynesty
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