Submitted by: Submitted by redhead27
Views: 478
Words: 518
Pages: 3
Category: Business and Industry
Date Submitted: 06/03/2012 08:14 AM
CA1-1
1. True
2. False – Disclosure requirements must also be followed.
3. True
4. False – Due process must still be granted so that interested parties can make their views known.
CA1-3
1. D
2. D
3. D
4. A
5. A
6. B
7. D
8. B
E2-5
A. gains, losses
B. liabilities
C. investments by owners, comprehensive income
D. distributions to owners
E. comprehensive income
F. assets
G. comprehensive income
H. revenues, expenses
I. equity
J. revenues
K. distributions to owners
L. comprehensive income
E2-7
A. Historical cost principle
B. Full disclosure principle
C. Matching principle
D. Materiality
E. Industry practices
F. Economic entity assumption
G. Full disclosure principle
H. Revenue recognition principle
I. Full disclosure principle
J. Matching principle
K. Economic entity assumption
L. Periodicity assumption
M. Matching principle
N. Historical cost principle
O. Matching principle
E3-1
April 2 Cash $30,000
Equipment $14,000
Owner’s Capital $44,000
April 2 No transaction
April 3 Supplies $700
Accounts Payable $700
April 7 Rent Expense $600
Cash $600
April 11 Accounts Recv. $1100
Revenue $1100
April 12 Cash $3200
Unearned Revenue $3200
April 17 Cash $2300
Revenue $2300
April 21 Insurance Exp. $110
Cash $110
April 30 Salaries Exp. $1160
Cash $1160
April 30 Supplies Exp. $120
Supplies $120
April 30 Equipment $5100
Capital $5100
E3-5
1. Depreciation Expense $750
Accum. Depreciation $750
2. Unearned Rent Revenue $2100
Rent Revenue $2100
3. Interest Expense $500
Interest Payable $500
4. Supplies Expense $2150
Supplies $2150
5. Insurance Expense $900
Prepaid Insurance $900
P3-1
a.
Cash Furniture and Equipment
Sept. 1 20,000 Sept. 4 680 Sept. 2 17,280
8 1,690 5 942
20 980 10 430
18 3,600 Yasunari Kawabata, Capital
19 3,000 Sept. 19 3,000 Sept. 1 20,000...