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E11-11 Identify concepts related to the conceptual framework. (LO 4, 5) C Here are some concepts related to the conceptual framework discussed in this chapter: 1. Going concern assumption 2. Reporting entity concept 3. Completeness 4. Historical cost 5. Cost constraint 6. Materiality Instructions Identify by number the concept that describes each situation below. Do not use a number more than once. Barb Denton runs her accounting practice out of her home. She separates her business records from her household accounts. The cost to provide financial information should not be more than the benefits. Significant accounting policies are reported in the notes to the financial statements. Assets are not stated at their liquidation value. (Note: Do not use concept number 4, historical cost.) Dollar amounts on financial statements are often rounded to the nearest thousand. Land is recorded at its cost of $100,000 rather than at its market value of $150,000.Ell-12 Identify violations of the concepts in the conceptual framework. {LO 4 j} AP Several reporting situations follow: l. 9\"?" Tercek Company recognizes revenue during the production cycle. The price of the product and how many items will be sold are not certain. 2. In preparing its nancial statements, Seco Company led out information about its cost ow assumption for inventories. 3. 4. Ravine Hospital Supply Corporation reports only current assets and current liabilities on its balance sheet. Long-term assets and liabilities are reported as current The Martinez Company amortizes patents over their legal life of 20 years instead of their economic life, which is usually about ve years. company is unlikely to be liquidated. Barton Company reports merchandise inventory on its balance sheet at its current market value of $100,000. The inventory has an original cost of $110,000. Bonilla Company is in its third year of operations and has not yet issued nancial statements. Watts Company has merchandise inventory on hand that cost $400,000. Watts reports merchandise inventory on its balance sheet at its current market value of $425,000. . Steph Wolfson, president of the Download Music Company, bought a computer for her personal use. She paid for the computer with company funds and debited the computer account. Sagoo Company decided notto implement a perpetual inventory system that would save $40,000 annually because the cost of the system was $100,000 and it was estimated to have a 10-year life