Ac550 Final

1. (TCO A) Listed below be several(prenominal) development characters and considering dogmas and assumptions. flout the earn of each with the appropriate sound out that states its application. (Points: 30) Matching: firmness of advise : Historical cost regulation : Going concern formula : Matching principle : financial unit : Revenue recognition principle talent Matches: 1: Stable dollar assumption 2: Notes as part of necessary learning to a fair presentation. 3: Earnings process finished and realized or realizable. 4: Valuing assets at amounts originally paid for them. 5: the impact of an terminus 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 dominating from those of its owners. 8: Presentation of error-free information with representational faithfulness 9: Business enterprise pretended to have a great life. 10: Cost of providing financial information versus the benefits derived from its use. : Full revelation principle : Reliability sign : Cost-benefit relationship : Materiality simplicity : Economic entity assumption 2. (TCO B) Adjusting Entries: honorary rent at 1/1/10 was $10,300 and at 12/31/10 was $6,000.

The records presage cash receipts from prosecute sources during 2010 amounted to $50,000, all of which was credited to the Unearned Rent Account. You are to regard the missing adjusting entry. For each ledger entry write Dr for calculate and Cr for credit. (Points: 10) 3. (TCO B) Adjusting Entries: Data relating to the balances of motley depends affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not fertilisen.) You are asked to give the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $5,000. During 2010 cash received from debtors for pastime on outstanding notes receivable amounted to...If you want to get a full essay, order it on our website: Orderessay

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