Problem 6-12 Identification (IAA) Indicate the accounting concept that is the most applicable. 1. Timely financial information with predictive and confirmatory value is presented. 2. Error-free financial information is presented. 3. The same accounting policies are applied from period to period. 4. Notes to financial statements are prepared in order to have a fair presentation. 5. The annual depreciation is recognized. 6. An allowable exception to the point of sale is the recording and reporting of inflows at the end of production. 7. All repair tools are expensed when purchased even if the useful life is more than one year. 8. A patent is capitalized and amortized over the period benefited. 9. Rent paid in advance is recorded as prepaid rent expense. 10. Events after the end of reporting period are either adjusted or disclosed.

Problem 6-12 Identification (IAA) Indicate the accounting concept that is the most applicable. 1. Timely financial information with predictive and confirmatory value is presented. 2. Error-free financial information is presented. 3. The same accounting policies are applied from period to period. 4. Notes to financial statements are prepared in order to have a fair presentation. 5. The annual depreciation is recognized. 6. An allowable exception to the point of sale is the recording and reporting of inflows at the end of production. 7. All repair tools are expensed when purchased even if the useful life is more than one year. 8. A patent is capitalized and amortized over the period benefited. 9. Rent paid in advance is recorded as prepaid rent expense. 10. Events after the end of reporting period are either adjusted or disclosed.

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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