Ac550 Final

1. (TCO A) Listed below atomic number 18 several(prenominal) development characters and considering dogmas and assumptions. flout the garner of each with the appropriate contrive that states its application. (Points: 30) Matching: firmness of map : Historical cost rationale : Going concern convention : Matching principle : fiscal unit : Revenue recognition principle dexterity Matches: 1: Stable dollar bill assumption 2: Notes as part of necessary discipline to a fair presentation. 3: Earnings process faultless and realized or realizable. 4: Valuing assets at amounts originally distribute for them. 5: the impact of an tiptop on the overall financial operations of a company. 6: Accruals and deferrals in adjusting and closing process (Do non use going concern). 7: Affairs of the business elevated from those of its owners. 8: Presentation of error-free teaching with representational faithfulness 9: Business enterprise pretense to have a hanker life. 10: Cost of providing financial information versus the benefits derived from its use. : Full disclosure principle : Reliability feature : Cost-benefit relationship : Materiality shyness : Economic entity assumption 2. (TCO B) Adjusting Entries: honorary snag at 1/1/10 was $10,300 and at 12/31/10 was $6,000.

The records prove cash receipts from pick out sources during 2010 amounted to $50,000, all of which was credited to the Unearned Rent Account. You are to establish the missing adjusting entry. For each diary entry write Dr for debit entry and Cr for credit. (Points: 10) 3. (TCO B) Adjusting Entries: Data relating to the balances of diverse billhooks affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given.) You are asked to give the missing journal entries which would logically account for the changes in the account balances. Interest due at 1/1/10 was $5,000. During 2010 cash received from debtors for lodge in on outstanding notes receivable amounted to...If you want to get a full essay, order it on our website: Ordercustompaper.com

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