### Educational Website Transcription: Accounting Principles Assessment---#### Homework 1a - Chapter 1**Question 1 of 2**---Match each of the cases below with the appropriate accounting method and principle/assumption. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated.1. **Sosa Company** owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Sosa reports the buildings at fair value in its accounting reports. - **Accounting Method:** [Dropdown menu] - **Principle/Assumption:** [Historical cost principle, Economic entity assumption, Monetary unit assumption]2. **Mays Company** includes in its accounting records only data that can be expressed in terms of money. - **Accounting Method:** [Dropdown menu] - **Principle/Assumption:** [Historical cost principle, Economic entity assumption, Monetary unit assumption]3. **Curt Russell**, owner of Curt’s Photography, records his personal living costs as expenses of the business. - **Accounting Method:** [Dropdown menu] - **Principle/Assumption:** [Historical cost principle, Economic entity assumption, Monetary unit assumption]---**eTextbook and Media:**[Relevant media links and resources]---**Note:**The page and question numbers on the interface ([0/50]) indicate the progression and scoring metrics for the assessment. The dropdown arrow icons suggest interactive elements where users can select their answers from available options. Remember to click "Submit Answer" to log your responses, and note that you can attempt each question up to three times. ---

Accounting principles or assumptions means those concepts, rules and guidelines which will be…

assumption supports the method used. In incorrect, identity which principle of assumption has been violated. 1. 2. 3. Sosa Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Sosa reports the buildings at fair value in its accounting reports: Mays Company includes.in its accounting records only transaction data that can be expressed in terms of money. Curt Russell, owner of Curt's Photography, records his personal living costs as expenses of the business. eTextbook and Media Accounting method - / 50 ||| Principle/Assumption Historical cost principle Economic entity assumption Monetary unit assumption

assumption supports the method used. In incorrect, identity which principle of assumption has been violated. 1. 2. 3. Sosa Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Sosa reports the buildings at fair value in its accounting reports: Mays Company includes.in its accounting records only transaction data that can be expressed in terms of money. Curt Russell, owner of Curt's Photography, records his personal living costs as expenses of the business. eTextbook and Media Accounting method - / 50 ||| Principle/Assumption Historical cost principle Economic entity assumption Monetary unit assumption

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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