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Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
Edition 16ISBN: 978-0077862381 Exercise 40
Accounting Principles
For each of the situations described below, indicate the underlying accounting principle that is being violated.hoose from the following principles:
If you do not believe that the practice violates any of these principles, answer "None" and explain.
a.he bookkeeper of a large metropolitan auto dealership depreciates the $7.20 cost of metal wastebaskets over a period of 10 years.
b. small commuter airline recognizes no depreciation expense on its aircraft because the planes are maintained in "as good as new" condition.
c.alm Beach Hotel recognizes room rental revenue on the date that a reservation is received.or the winter season, many guests make reservations as much as a year in advance.
For each of the situations described below, indicate the underlying accounting principle that is being violated.hoose from the following principles:
If you do not believe that the practice violates any of these principles, answer "None" and explain.
a.he bookkeeper of a large metropolitan auto dealership depreciates the $7.20 cost of metal wastebaskets over a period of 10 years.
b. small commuter airline recognizes no depreciation expense on its aircraft because the planes are maintained in "as good as new" condition.
c.alm Beach Hotel recognizes room rental revenue on the date that a reservation is received.or the winter season, many guests make reservations as much as a year in advance.
Explanation
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a.Materiality
The Cost of the wastebask...
Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello
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