Question 1

The following items and amounts are taken from the 2019 financial records of Shining Light, Inc. Prepare an income statement for the year ending December 31, 2019:

Accepted Answer

The answer of The following items and amounts are taken...

Question 2

On December 31, 2019, Ilse & Hildegard Corporation's records show the following selected amounts. 
  Prepare an income statement for Ilse & Hildegard for the year ending December 31, 2019.

Accepted Answer

The answer of On December 31, 2019, Ilse & Hildegard...

Question 3

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Expense recognition (matching) principle

Accepted Answer

Expense recognition (matching) principle is defined by linking expenses incurred with the related revenues earned, which ensures that expenses are recognized in the period in which the related revenues are earned.

Question 4

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Monetary unit concept

Accepted Answer

The monetary unit concept refers to using a monetary unit to measure and record an entity's economic activity, which is accurately described in option F.

Question 5

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Cost principle

Accepted Answer

The cost principle states that assets should be recorded and reported at their actual cost at the time they are acquired, which matches choice B.

Question 6

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Going concern concept

Accepted Answer

The going concern concept assumes that an entity will continue to operate indefinitely and will not be sold or liquidated, which matches choice G.

Question 7

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Accounting entity concept

Accepted Answer

The accounting entity concept is defined as an economic unit with identifiable boundaries for which financial information is accumulated and reported, making option A the correct definition.

Question 8

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Revenue recognition principle

Accepted Answer

Revenue recognition principle is defined as the concept that sales revenue should be recorded when services are performed or goods are sold, which matches choice H.

Question 9

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Full disclosure principle

Accepted Answer

The full disclosure principle requires that all information necessary for a user's understanding of financial statements should be disclosed in a company's annual report.

Question 10

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Accounting period concept

Accepted Answer

The accounting period concept refers to dividing the operational life of a business into smaller segments, typically annual periods, for reporting purposes.

Question 11

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms.
-Reliability

Accepted Answer

Reliability in accounting refers to the accuracy and verifiability of financial information, which means transactions should be recorded based on reliable and verifiable evidence.

Question 12

The following is selected financial information ($ in millions) from International Investment Services, Inc. for 2019.
  Construct a balance sheet and statement of cash flows for International Investment Services, Inc. for 2019.

Accepted Answer

The answer of The following is selected financial information ($...

Question 13

The following is selected financial information for the Schweinfurt Company for the year ended August 5, 2019 (in millions):
  Prepare each of the following financial statements for the Schweinfurt Company in proper form:
•Income statement
•Balance sheet
•Statement of cash flows

Accepted Answer

The answer of The following is selected financial information for...

Quiz 1: Financial Accounting and Business Decisions

The following items and amounts are taken from the 2019 financial records of Shining Light, Inc. Prepare an income statement for the year ending December 31, 2019:

On December 31, 2019, Ilse & Hildegard Corporation's records show the following selected amounts. Prepare an income statement for Ilse & Hildegard for the year ending December 31, 2019.

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Expense recognition (matching) principle

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Monetary unit concept

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Cost principle

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Going concern concept

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Accounting entity concept

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Revenue recognition principle

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Full disclosure principle

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Accounting period concept

Listed below are definitions of qualitative characteristics, concepts, constraints and principles of accounting information. find the definition of each terms. -Reliability

The following is selected financial information ($ in millions) from International Investment Services, Inc. for 2019. Construct a balance sheet and statement of cash flows for International Investment Services, Inc. for 2019.

The following is selected financial information for the Schweinfurt Company for the year ended August 5, 2019 (in millions): Prepare each of the following financial statements for the Schweinfurt Company in proper form: •Income statement •Balance sheet •Statement of cash flows