In each of the following cases indicate the principle that appears to have been violated: Case A
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In each of the following cases indicate the principle that appears to have been violated:
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Case A For its factory equipment, Unrequited Love Inc. used accelerated depreciation in 20X2; straight-line in 20X3; and accelerated in 20X4. Case B Aaronist Ltd. sold a tract of land on credit by accepting a $55,000, two-year, non-interest-bearing note. The land account was credited (and notes receivable was debited) for $55,000. The going rate of interest was 10%. Case C JED Inc. always issues its annual financial report nine months after the end of the annual reporting period to ensure greater accuracy. Case D Idiomatic Inc. always recognizes its sales revenue when received in cash. Case E RBJ Corporation records interest income only on the payment dates. Case F Loran Company includes among its financial statement elements an apartment building owned and operated by the owner of the company. Case G The Adam Ltd. CEO refuses to permit the company to use notes or supplemen- tary schedules in its financial reports because he believes that the financial statements are self-explanatory.
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9780071338820
6th Edition
Authors: Thomas Beechy, Joan Conrod, Elizabeth Farrell, Ingrid McLeod-Dick
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