(5 Marks each*2 = 10 Marks) Identify and explain any two accounting principles a) Jack Dorsey,...

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(5 Marks each*2 = 10 Marks) Identify and explain any two accounting principles a) Jack Dorsey, Evan Williams, and Biz Stone are the owners of the social communications network, Twitter. If they also own a personal collection of classical artifacts valued at $25,000, how would that be reflected on the company books? b) A piece of land offered for sale at $600,000 is recognized by its purchasers as easily being worth $575,000. Upon negotiation, the buyer finally got it for $570,000. At what amount should the land be recorded in the purchaser's books? c) A furniture manufacturer, Cathy's Antiques Inc., received the order during the year from a customer who paid $1,500 for a dining table that will be delivered in six weeks. The amount was not recorded as revenue even when the cash was received. (5 Marks each*2 = 10 Marks) Identify and explain any two accounting principles a) Jack Dorsey, Evan Williams, and Biz Stone are the owners of the social communications network, Twitter. If they also own a personal collection of classical artifacts valued at $25,000, how would that be reflected on the company books? b) A piece of land offered for sale at $600,000 is recognized by its purchasers as easily being worth $575,000. Upon negotiation, the buyer finally got it for $570,000. At what amount should the land be recorded in the purchaser's books? c) A furniture manufacturer, Cathy's Antiques Inc., received the order during the year from a customer who paid $1,500 for a dining table that will be delivered in six weeks. The amount was not recorded as revenue even when the cash was received.

Answer rating: 100% (QA)

a Two accounting principles that could apply to this situation are the principle of separate entity ... View the full answer