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34 Chapter 1 dence, could this cause potential jealousy at the hotel? 3. Evaluate the ethics of this scenario using Hall's seven-step approach. 2 lí the hotel's best maintenance wo.. on C for 20X Problem 3 Required: F. Continuity of business G. Consistency H. Matching I. Unit of measurement J. Objective evidence Fill in the blanks below with the accounting principle that best applies. Prepare ar A. Cost B. Business entity C. Conservatism D. Full disclosure Multiple E. Materiality 1. Ar 1. A hotel describes its inventory valuation method in the footnotes to its financial state- ment because of 2. A café decides to expense a $40 wastebasket even though it has a five-year life based principle. on the 3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method in 20X5 it will violate the 2. principle. 4. The owner of a food service operation decides to take some steaks home for dinner. He records the cost of the steaks as a "withdrawal" because of the principle. principle is the basis for recording the payroll accrual at the end of 5. The each month. 6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro firm records the van at $25,000, it will violate the 7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the van is worth $15,000; however, the business records the van at its Blue-Book value of principle. $10,000 because of the 8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The cost per glass is $1.50; however, the resale values is considered to be only $.15 each. principle. o ennas The glasses are recorded at cost and will be written off over the next three yca than written down immediately because of the rather years principle. Belo

34 Chapter 1 dence, could this cause potential jealousy at the hotel? 3. Evaluate the ethics of this scenario using Hall's seven-step approach. 2 lí the hotel's best maintenance wo.. on C for 20X Problem 3 Required: F. Continuity of business G. Consistency H. Matching I. Unit of measurement J. Objective evidence Fill in the blanks below with the accounting principle that best applies. Prepare ar A. Cost B. Business entity C. Conservatism D. Full disclosure Multiple E. Materiality 1. Ar 1. A hotel describes its inventory valuation method in the footnotes to its financial state- ment because of 2. A café decides to expense a $40 wastebasket even though it has a five-year life based principle. on the 3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method in 20X5 it will violate the 2. principle. 4. The owner of a food service operation decides to take some steaks home for dinner. He records the cost of the steaks as a "withdrawal" because of the principle. principle is the basis for recording the payroll accrual at the end of 5. The each month. 6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro firm records the van at $25,000, it will violate the 7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the van is worth $15,000; however, the business records the van at its Blue-Book value of principle. $10,000 because of the 8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The cost per glass is $1.50; however, the resale values is considered to be only $.15 each. principle. o ennas The glasses are recorded at cost and will be written off over the next three yca than written down immediately because of the rather years principle. Belo

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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34 Chapter 1 dence, could this cause potential jealousy at the hotel? 3. Evaluate the ethics of this scenario using Hall's seven-step approach. 2 lí the hotel's best maintenance wo.. on C for 20X Problem 3 Required: F. Continuity of business G. Consistency H. Matching I. Unit of measurement J. Objective evidence Fill in the blanks below with the accounting principle that best applies. Prepare ar A. Cost B. Business entity C. Conservatism D. Full disclosure Multiple E. Materiality 1. Ar 1. A hotel describes its inventory valuation method in the footnotes to its financial state- ment because of 2. A café decides to expense a $40 wastebasket even though it has a five-year life based principle. on the 3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method in 20X5 it will violate the 2. principle. 4. The owner of a food service operation decides to take some steaks home for dinner. He records the cost of the steaks as a "withdrawal" because of the principle. principle is the basis for recording the payroll accrual at the end of 5. The each month. 6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro firm records the van at $25,000, it will violate the 7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the van is worth $15,000; however, the business records the van at its Blue-Book value of principle. $10,000 because of the 8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The cost per glass is $1.50; however, the resale values is considered to be only $.15 each. principle. o ennas The glasses are recorded at cost and will be written off over the next three yca than written down immediately because of the rather years principle. Belo
Transcribed Image Text:34 Chapter 1 dence, could this cause potential jealousy at the hotel? 3. Evaluate the ethics of this scenario using Hall's seven-step approach. 2 lí the hotel's best maintenance wo.. on C for 20X Problem 3 Required: F. Continuity of business G. Consistency H. Matching I. Unit of measurement J. Objective evidence Fill in the blanks below with the accounting principle that best applies. Prepare ar A. Cost B. Business entity C. Conservatism D. Full disclosure Multiple E. Materiality 1. Ar 1. A hotel describes its inventory valuation method in the footnotes to its financial state- ment because of 2. A café decides to expense a $40 wastebasket even though it has a five-year life based principle. on the 3. During 20X4 a club used LIFO to value its inventory. If the club uses the FIFO method in 20X5 it will violate the 2. principle. 4. The owner of a food service operation decides to take some steaks home for dinner. He records the cost of the steaks as a "withdrawal" because of the principle. principle is the basis for recording the payroll accrual at the end of 5. The each month. 6. A new van was purchased for $4,000 below its list price of $25,000. If the purchasiro firm records the van at $25,000, it will violate the 7. H. Smith, owner of Smith's Catering, contributes a van to the business. He believes the van is worth $15,000; however, the business records the van at its Blue-Book value of principle. $10,000 because of the 8. The Wizard Inn has purchased 100 new water glasses with its “WI" crest on each. The cost per glass is $1.50; however, the resale values is considered to be only $.15 each. principle. o ennas The glasses are recorded at cost and will be written off over the next three yca than written down immediately because of the rather years principle. Belo
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