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QUESTION 1 The measurement principle that says assets are reported at the price that would be received if the item were sold is called going concern. b.fair value. O historical cost. O d. materiality. QUESTION 2 3 points Save Answer On September 3. Kipawa Corporation sold 30,000 of merchandise to Kipling Inc. terms 1/30. Kipawa uses a perpetual inventory system and the cost of the goods sold was 518,000. Kipawa's management expects a return rate of 5 Instructions Record the appropriate transactions on Kipawa's books assuming that the company uses a perpetual inventory system For the toolbar, press ALT+F10(PC) or ALT+FN+F10 (Mac). BIS Paragraph Open Sanssa. 10pt A2 XOGO 5 a SSS X XX1 ST 19 ES EB E B E (6) v v v +] I + QUESTION 3 If beginning inventory is understated by $10,000, the effect of this error in the current period is O a. cost of goods sold understated & net income overstated. Ob. cost of goods sold understated & net income understated. Oc cost of goods sold overstated & net income overstated. Od. cost of goods sold overstated & net income understated. QUESTION 4 if the sum of the debit column equals the sum of the credit column in a trial balance, it indicates O a. no errors can be discovered. Ob.no errors have been made. O c. the mathematical equality of the accounting equation, Od. that all accounts reflect correct balances. QUESTION 5 A supplier to a company would probably be most interested in the O a. current ratio. Ob.debt to total assets. O basic earnings per share. O d.price-earnings ratio. a. QUESTION 6 A small neighbourhood barber shop that is operated by its owner would likely be organized as a proprietorship. Ob.partnership OC. public corporation d. private corporation