Question: Please answer the question briefly and fast ASAP because I dont have Time ,35 minutes left PART I (22 points) State the accounting assumptions, principles,

Please answer the question briefly and fast ASAP because I dont have Time ,35 minutes left
 Please answer the question briefly and fast ASAP because I dont
have Time ,35 minutes left PART I (22 points) State the accounting

PART I (22 points) State the accounting assumptions, principles, information characteristics, or accounting terms that most applicable to the following cases. (use the following table) Historical cost principle, Fair value Principle, Full Disclosure Principle, Expenses Recognition Principle( Matching), Revenue Recognition principle/ Going Concern, periodicity Assum. Economic entity Assum. Monetary unit Assum. Accrual basis Assum. ) (Relevancy, faithful representation, predictive value , Confirmatory value, Completeness, Neutrality, Free from crrors, comparability, Timeliness, Understandability, Realization, Recognition, Materiality Earnings Management/Earnings Quality/Cooki Jar"/ taking a bath or Big Bath/Comprehensive Income/ Other Comprehensive Income Physical Capital Maintenance/ Financial capital Maintenance/End of Production/During Production/Point of sales/ cash collected/Holding Gain or Loss/ Recognition. Realization. Conservatism, Cash equivalent, Fair value , Amortized Cost. Accounting depreciation, Economic depreciation. Stock dividends. Conservatism. 1. Means that the economic activities of an enterprise can be divided into artificial time periods......... 2. Use the same depreciation method used by other companies in the industry. 3. Providing information that is of sufficient importance to influence the judgment and decisions of an informed user is required by the........... --principle 4. Justify the deprecation process & the classification of assets and liabilities into current and noncurrent. 5. An allowance for doubtful accounts is established to comply with ..................principle 6. all information necessary for faithful representation are provided so that investors will not be misled. 7. All form of dividends reduce stock holders' equity except 8. Having information available to users before it loses its capacity to influence decisions. 9. Information that is capable of making a difference in the decision of users in their capacity as a capital providers. 10. Quality of information that allows users to comprehend its meaning. 11. Numbers & descriptions in the financial Statement reflect what happened and what exist; information presents the economic phenomena that it intended to present. 12. an attempt by corporate officers (managers) to influence short term-reported camnings. 13. ...........The degree to which accounting earnings correlated with economic carnings. 14. Include all changes in net assets (equity) during the period from all events and transactions except for owner transactions. 15. According to the ...concept income achieved only when the physical productive ... W ju.edu.jo/plugintile.php?hle=%2F1026503% 15. According to the .concept income achieved only when the physical productive capacity of net assets end of the period exceeds that of the beginning the period except for owners' transactions. 16. ...an camings management technique by which manager overstating sales returns, warranty expenses....and other provisions in good years and use this overstatement in bad years to reduce similar charges. 17. Comprehensive income include two major components: (1) net income and (2).... 18. Revenue recognized at... if price is determined (or measurable) and there is no uncertainty regarding selling the product. 19. Revenue should be delayed until when the collectability of receivable is highly uncertain and uncollectable (bad debt expenses) cannot be estimated reasonably 20 The process of exchange of assets or service into cash or cash claims. 21 states when in doubt choose the solution that will be least likely to overstate assets and net income 22. Highly liquid investment which is sufficiently close to its maturity & readily convertible into a known amount of cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!