Question 1 [5 points] Of the five Generally Accepted Accounting Principles (GAAP) introduced in this section,...

 

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Question 1 [5 points] Of the five Generally Accepted Accounting Principles (GAAP) introduced in this section, identify which broad accounting principle describes most directly each of the following. Transactions and activities of a business are recorded using amounts of money. a) select answer b) select answer c) select answer d) select answer e) select answer Each economic entity or business of the owner must keep accounting records and reports that are separate from those of the owner and any other economic entity of the owner. Decker Co. is a sole proprietorship owned by Carlos Young, who purchased a computer for personal use and recorded it as an asset on the balance sheet of Decker Co.. Which principle has Carlos Young violated? In March 2011, The Party Place received a customer's order that would not be required until May 2011. The revenue should be recorded in May 2011. Ingersoll Antiques is a Canadian company and records and reports transactions in Canadian dollars. It purchased equipment from the United States for US$52,000 and recorded in the accounting records at the Canadian equivalent of Cdn$83,200. Question 1 [5 points] Of the five Generally Accepted Accounting Principles (GAAP) introduced in this section, identify which broad accounting principle describes most directly each of the following. Transactions and activities of a business are recorded using amounts of money. a) select answer b) select answer c) select answer d) select answer e) select answer Each economic entity or business of the owner must keep accounting records and reports that are separate from those of the owner and any other economic entity of the owner. Decker Co. is a sole proprietorship owned by Carlos Young, who purchased a computer for personal use and recorded it as an asset on the balance sheet of Decker Co.. Which principle has Carlos Young violated? In March 2011, The Party Place received a customer's order that would not be required until May 2011. The revenue should be recorded in May 2011. Ingersoll Antiques is a Canadian company and records and reports transactions in Canadian dollars. It purchased equipment from the United States for US$52,000 and recorded in the accounting records at the Canadian equivalent of Cdn$83,200.

Answer rating: 100% (QA)

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