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Kaplan University AC 501 Unit 1
Homework Assignment NEW Check this A tutorial
guideline at
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rsity/ac- 501 -unit-1 -homework- assignment-new
For more classes visit http//www.assignmentcloud.
com E2-7 (Assumptions, Principles, and
Constraints) Presented below are the
assumptions, principles, and constraints used in
this chapter. 1. Economic entity assumption
5.Historical-cost principle 9. Materiality 2.
Going-concern assumption 6.Matching principle 10.
Industry practices 3. Monetary unit assumption 7.
Full disclosure principle 11. Conservatism 4.
Periodicity assumption 8. Cost-benefit relationshi
p
Instructions
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Identify by number the accounting assumption,
principle, or constraint that describes each
situation below. Do not use a number more
than once. E2-8 (Assumptions, Principles, and
Constraints) Presented below are a number of
operational guidelines and practices that have
developed over time. Instructions Select the
assumption, principle, or constraint that most
appropriately justifies these procedures and
practices. (Do not use qualitative
characteristics.) E3-1 (Transaction
AnalysisService Company) Beverly Crusher is a
licensed CPA. During the first month of
operations of her business (a sole
proprietorship), the following events and
transactions occurred. E3-4 (Corrected Trial
Balance) The trial balance of Watteau Co. (shown
on the next page) does not balance. E3-10
(Adjusting Entries) Greco Resort opened for
business on June 1 with eight air-conditioned
units. Its trial balance on August 31 is as
follows.
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E3-14 (Closing Entries)
Presented below is information related to
Gonzales Corporation for the month of
January 2008.