Monetary unit assumption - Study guides, Class notes & Summaries

Chapter 1 The Financial Statements Ethics Check (5-10 min.) EC 1-1 a. Objectivity and independence b. Due care c. Integrity d. Integrity Short Exercises (10 min.) S 1-1 a. Corporation, limited partners of a Limited-liability partnership (LLP) and Limited-liability company (LLC). If any of these businesses fails and cannot pay its liabilities, creditors cannot force the owners to pay the business’s debts from the owners’ personal assets. Creditors can go after the general partne...

Assets - Liabilities - Equity = _____ - 0 Original Value of an asset - Cost basis Business will continue to operate in the near future - Going Concern Principle we report in the stable monetary currency of the country - Monetary Unit Assumption owner's actions are different than the business and kept separate - Economic Entity Assumption

National USPAP Course Exam The Appraisal Foundation has the authority to enforce the requirements of USPAP. - Correct answer-False Currently, the boards within the Appraisal Foundation include: - Correct answerAppraisal Standards Board, Appraisal Qualifications Board, Board of Trustees Which Foundation board is responsible for USPAP? - Correct answer-Appraisal Standards Board Qualification criteria for appraiser certification and recertification are disseminated to state appraisal boards ...

Financial Accounting, 14th edition Wendy M. Tietz SOLUTION MANUAL 2024 – 2025 LATEST UPDATE WITH ALL QUESTIONS AND CORRECT ANSWERS GRADED A+ Chapter 1 Financial Statements Ethics Check (5-10 min.) EC 1-1 a. Objectivity and independence b. Due care c. Integrity d. Integrity 1-2 Financial Accounting 14/e Solutions Manual Copyright © 2025 Pearson Education Inc. Short Exercises (10 min.) S 1-1 a. Corporation, limited partners of a Limited-liability partnership (LLP) and Limited-li...

4 accounting assumptions - going-concern assumption, monetary unit assumption, time period assumption, business entity assumption 4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out (LIFO), weighted average 4 general accounting principles - measurement principle, revenue recognition principle, expense recognition principle, full disclosure principle 4 general purposes of financial statements - income statements, statement of retained earnin...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

402 Exam 1 Graded A+ Assumptions 1. Economic entity 2. Going Concern 3. Monetary Unit 4. Periodicity Principles 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure Contraints 1. Cost 2. Conservatism 3. Industry Practice Fundamental Qualities A. Relevance 1. Predictive Value 2. Confirmatory Value 3. Materiality B. Faithful Representation 1. Completeness 2. Neutrality 3. Free from error Enhancing Qualities 1. Comparabili...

Test Bank For Accounting Principles 6th Canadian Edition 6e Weygandt Kieso Kimmel Trenholm Kinnear Barlow -Identify the use and users of accounting and the objective of financial reporting. Accounting is the information system that identifies, records, and communicates the economic events of an organization to a wide variety of interested users. Good accounting is important to people both inside and outside the organization. Internal users, such as management, use accounting information to p...

Which of the following is the primary purpose of accounting? A. To establish a business. B. To identify, record, and communicate business transactions. C. To earn a large profit. D. To reduce taxes owed for the business. E. To establish credit for a company. - B. To identify, record, and communicate business transactions Technological advancement has A. Has replaced accounting. B.Has not changed the work that accountants do. C. Has freed accounting professionals to concentrate mor...

Accounting 100 Exam 1 Questions with Correct Answer Monetary Unit Assumption - Answer-Items not easily quantified in dollar terms are not reported in the financial statements. Faithful Representation - Answer-Accounting information must be complete, neutral, and free from error. Economic Entity Assumption - Answer-Personal transactions are not mixed with the company's transactions. Cost Constraint - Answer-The cost to provide information should be weighed against the benefit that user...