Problems will receive a grade for completeness not accuracy. To receive the points for any assignment, students MUST show their work. Problem can be completed multiple ways: on paper, then photographed and uploaded into the corresponding Dropbox; in Excel; or in Word. If homework is completed in Excel, "work" doesn't need to be typed out, if the functions can be viewed in the formula bar. Once problems are completed, the answer key will be given for the completed problems. If a student needs assistance with a specific problem, they should post a request in the Questions/Comments Discussion for the corresponding chapter, then a similar problem will be reviewed. Due to time constraints, actual homework problems will not be reviewed in class. If an assignment contains multiple photos/files, submit the pictures/files using an app/program that compiles all of the pictures into 1 file. Some cell phones have software that can combine the photos, but students can also use the FREE Adobe scan app. Chapter 1 (3 pts.) Compare and contrast each business form, by marking the appropriate business form. Creation & maintenance easier Number of Greater government Owners involvement Owners liable for company Easier to exit/end Sole proprietorship Partnership Limited liability comp. (LLC) S corporation C corporation Taxation greater More funding sources Chapter 2 (2 pts) Match each of the following transactions/events to the accounting principle considered in recording them. a. Business entity principle b. Objectivity principle c. Cost principle d. Going concern principle e. Monetary unit principle f. Revenue recognition principle g. Materiality principle 1. An insurance company receives insurance premiums for six future months' worth of coverage. 2. Helen Cho, a sole proprietor, pays for her daughter's preschool out of business funds. 3. A+ company expensed a $20 wastebasket in the year it is acquired instead of depreciating it over its useful life of 10 years 4. Helen added several thousand dollars to the Equipment account that she believed was undervalued. 5. A building is for sale at $480,000. An appraisal is given for $450,000.