Which principle guideline allows a company to ignore the change in the purchasing power of the money over time?
6)Which principle/guideline allows a company to ignore the change in the purchasing power ofthe dollar over time?(a) Cost(b) Economic entity(c)Monetary Unit 7)A large company purchases a RM250 digital camera and expenses it immediately instead ofrecording it as an asset and depreciating it over its useful life. This practice may beacceptable because of which principle/guideline? Get answer to your question and much more 8)A corporation pays its annual property tax bill of approximately RM12,000 in one paymenteach December 28. During the year, the corporation's monthly income statements reportProperty Tax Expense of RM1,000. This is an example of which accountingprinciple/guideline? Get answer to your question and much more 9)A company sold merchandise of RM8,000 to a customer in December. The company's salesterms require the customer to pay the company in 30 days. The company's income statementreported the sale in December. This is proper under which accounting principle/guideline? Get answer to your question and much more 10) The creative chief executive of a corporation who is personally responsible for numerousinventions and innovations is not reported as an asset on the corporation's balance sheet. Theaccounting principle/guideline that prevents the corporation for reporting this person as anasset is(a) Conservatism(b)Cost(c)Going Concerns 11) Near the end of the current year, a company required a customer to pay RM200,000 as adeposit for work that is to begin in the following year. At the end of the current year the
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NOTE: For multiple-choice and true/false questions, simply place your cursor over what you think is the correct answer. (There is no need to click the answer.) For fill-in-the-blank questions place your cursor over the _________. If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Accounting Principles.
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Accounting Principles. Go Top
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