For each of these itens, list the assumption,principle, information characteristic, or convention that is violated. Write yourLearning Task 4: Below are a number of accounting proccdures and practices inProspere General Merchandise.answer in your notebook.ác company prepares financial reports are based on the SFAS promulgatedby the ASC.4. The assets and owner's couity are reported at fair value but business obligations are reported at historical cost.3. The company maintains only one employee to function as accountant, inter-nal auditor, collector and treasurer.4. The financial reports are always delayed.5. Due to recession, estimated future earnings are reported in the current finan-cial reports of Prospere General Merchandise.6. The accounting methods and procedures used are regularly changed semi-annually.7. The accountant records transactions as desired by the owner without propersupporting documents.8. The financial reports do not include minutes of the meeting, business con-tracts, and future plans because they not financial in nature.9. The company refuse to be audited by an external auditor because it has al-ready an internal auditor who religiously verifies the financial reports.10. The company acquired a refillable pentel amounting to P200 and depreciatedit because its estimated life is good for five years.

Assets refer to a form of resources that provides value in terms of money or other economic value to…

rospere General Merchandise. earning Task 4: Below are a nu "ospere General Merchandise. rinciple, information characteris aswer in your notebook. The company prepares financ by the ASC. The assets and owner's cani

rospere General Merchandise. earning Task 4: Below are a nu "ospere General Merchandise. rinciple, information characteris aswer in your notebook. The company prepares financ by the ASC. The assets and owner's cani

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If…

A: Meaning of Sales Journal The sales journal is used to record all of the company sales on credit.…

Q: _2. An existing line of credit that a consumer can use at a store is called an acquisition account.

A: an existing line of credit that a consumer can use at a store is not called an acquisition account

Q: Mr. Mohammed use perpetual inventory system makes the following journal entry in his business Debit…

A: Merchadise inventory is debited and Accounts payable is credited where inventory is purchased on…

Q: not use ai please don't

A: QuickBooks works in windows and features whereby some features are used for particular transactions…

Q: Name the special journal which is used to record the credit sales transactions of a merchandising…

A: Correct answer is ( d )Sale daybook Explanation A sales book is also known as sales day book is a…

Q: Journal entry using the perpetual inventory method posting to ledger trial balance

A: Transactions are firstly recorded as journal entries. The second step is posting to the t-accounts.…

Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.

A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

A: Introduction: An invoice is a type of business document that details and records transactions…

Q: Journalizing purchases using a purchases journal The purchases journal for Copperland Company is…

A: Purchases journalAccording to fundamental accounting principles, the definition of a purchases…

Q: Problem 2 Complete the chart. Two rows have been completed for you as examples Tip: Some of these…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Accounting Information System Prepare a payment flowchart for a bookstore business, who's…

A: ANSWER:- An Accounting Information System (AIS) is a system of collecting, storing, and processing…

Q: Describe 2 accrual transactions and 2 deferral transactions that your peers will need to journalize.

A: Journal entries are those entries which are recorded at the time when ever a transaction takes place…

Q: Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land…

A: Lets understand the basics. When land and building is purchased for lumpsum consideration then…

Q: The customer paid upfront with cash on sales service. Which journal entries are correct? Group of…

A: Everyday businessman performs large number of transactions. These transactions cannot be remembered…

Q: Put the following into the correct order for processing a sale on account with QuickBooks®. A.…

A: When sales are made on account, firstly, the sales order is recorded, then the payments are…

Q: Looking for an expert Accounting Tutor thank you TIPS: 1. Get the Cost of Goods Sold (COGS) -…

A: Single step income statement shows all incomes and expenses in the business and at the end it shows…

Q: 1 (Click the icon to view the transactions.) Purchases Journal Page Other Accounts DR More Info…

A: Purchase journal refers to a special form of accounting journal used in the accounting systems of a…

Q: When preparing the invoices, the prices come from the A. packing slips B. shipping notices C.…

A: Answer: Invoice is one of the most important document to identify the actual sales or purchases…

Q: When a proprietor takes goods for own use, we will record it as:…

A: Every transaction of business is recorded as journal entry in the books.

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Detailed explanation:Cost of goods available for sale :Beginning Inventory $ 4,962 Add Net…

Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…

A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…

Q: The home office ships merchandise to its branch above cost. What journal entry should the home…

A: The home office ships merchandise to its branch above cost. Following Journal entry shall me record…

Q: excess paper is not allowed) Instruction: For each element of SCI, tell whether it belongs to…

A: Since we answer up to subparts, we will answer the first three. Please resubmit the question. The…

Q: For each transaction, suggest two internal controls you would implement. Justify your response.…

A: Internal Control: Internal control is a method used by a company's board of directors, management,…

Q: Every entry should have narration please Prepare journal entries to record the following…

A: Journal entries are a primary record of all business transactions.Journal entries contain one or…

Q: instruction: Encircie the letter of your choice. 1. A journal designed for entering only sales on…

A: Invoice - It is the written documentary evidence issued by the seller to the buyer. Sales Journal -…

Q: Another "Birdy Birdhouse" problem but with different numbers and set up. Using the accounts listed…

A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: Purchase stationery for resale from L wholesalers on credit 500 ,which account debit and which one I…

A: The transaction in question involves the purchase of stationery for resale from a wholesaler on…

Q: Which statement about the Expenditure Cycle is correct? The blind copy of the purchase order goes…

A: Step 1 The expenditure cycle is the flow of activities related to the acquisition of and payment for…

Q: 7Rs usetu or segregating nto one locaion a co A Accounts bAccourts ece Fed asset e inventory wdger…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: dSh to öwner for personal use, $1,000.00. C9. 28. Received cash from sales, $220.00. T28.…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: Required information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing…

A: A transaction is an organization interact that has a financial impact on a statement of financial…

Q: Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www for any…

A: I'm unable to access external websites or retrieve real-time data, including specific 10-K filings…

Q: Jamm Rentals purchased office supplies inventory ( asset) on account/credit. The journal entry made…

A: Hello student! To analyze the transaction, we must identify the types of accounts affected. JOURNAL…

Q: wo accounts that appear on the financial statements of a merchandising company but are not needed by…

A: Cost of goods sold is the expense which are directly related to the goods. Purchase of inventory,…

Q: it is calculated in which of the following a

A: Net Profit is the gross profit less operating expenses which includes selling expenses and…

Q: 50) dentify the special journal is to be used to record the credit purchases of a merchandising…

A: Special journals are the main books in which business transactions are recorded first, then they got…

Q: coupons were presented for redemption in 2020. It is estimated that 60% ption.

A: Answer : Journal entries : Date Account title Dr. Cr. 2020 Inventory of premiums $7,050…

Q: 1. Total each column of the sales journal. 2. The following four-column accounts in the accounts…

A: The sales journal is the journal which is used by the company over which the transaction of the…

Q: Al Hosni traders return goods worth $200 to Mac Donald. What journal entry will be recorded by Al…

A: Al Hosni Traders is buyer who returned the goods purchased before.

Q: Ameen LLC sold goods of OMR 7150 on account. The entry to record the sales the entry will be

A: What is a journal entry? A journal entry is record of any transaction that takes place in a company.…

Q: Accounting Information System Explain the flow of expenses flowchart of a bookstore business.

A: An expense flow chart of a bookstore business is a type of diagram representing a process using…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Explained above.

Q: Prepare journal entries to record the following merchandising transactions of Brown's, which uses…

A: A perpetual inventory system helps the business to keep a real-time account of inventory in hand and…

Q: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash)…

A: The inventory can be recorded differently under different methods as perpetual and periodic system.…

Q: Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 2. You…

A: Answer: Journal entry are booked as double entry having debit and credit.

Question

For each of these itens, list the assumption,
principle, information characteristic, or convention that is violated. Write your
Learning Task 4: Below are a number of accounting proccdures and practices in
Prospere General Merchandise.
answer in your notebook.
ác company prepares financial reports are based on the SFAS promulgated
by the ASC.
4. The assets and owner's couity are reported at fair value but business obliga
tions are reported at historical cost.
3. The company maintains only one employee to function as accountant, inter-
nal auditor, collector and treasurer.
4. The financial reports are always delayed.
5. Due to recession, estimated future earnings are reported in the current finan-
cial reports of Prospere General Merchandise.
6. The accounting methods and procedures used are regularly changed semi-
annually.
7. The accountant records transactions as desired by the owner without proper
supporting documents.
8. The financial reports do not include minutes of the meeting, business con-
tracts, and future plans because they not financial in nature.
9. The company refuse to be audited by an external auditor because it has al-
ready an internal auditor who religiously verifies the financial reports.
10. The company acquired a refillable pentel amounting to P200 and depreciated
it because its estimated life is good for five years.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Please try to do all the tabs thank you
A retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipment
g In | Federa x M UMassD Logor X EQuickLaunch -x K myCourses Da: x Univ of Mass - X * Cengage Die education.com mework i Saved View transaction list Journal entry worksheet 1 4 6 7 8 9. 10 cearch 近
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
ADDITIONAL FUNDS NEEDED Morrissey Technologies Inc.'s 2015 finan- cial statements are shown here. 6-13 Morrissey Technologles Inc.: Balance Sheet as of December 31,2015 Accounts payable $ 360,000 Cash $180,000 180,000 Receivables 360,000 Accrued liabilities 56,000 $ 596,000 Inventories 720,000 Notes payable Total current $1,260,000 Total current liabilities assets 100,000 Long-term debt Common stock 1.440,000 1,800,000 Fixed assets Retained earnings 204,000 Total assets $2,700,000 Total liabilities and $2,700,000 equity Morrissey Technolagies Inc.: Income Statement for December 31, 2015 Sales Operating costs including depreciation $3,600,000 3,279,720 EBIT $320,280 20,280 $300,000 Interest EBT Taxes (40%) 120,000 $ 180,000 Net Income Per Share Dáta: Common stock price Earnings per share (EPS) Dividends per $ 45.00 $ 1.80 $ 1.08 share (DPS) Suppose that in 2016, sales increase by 10% over 2015 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2015…
required:Prepare the preliminary trial balance. Arrange the Accounts in their correct order thank you
How does a price list get assigned to a sales order?a. It is copied from the business partner master to the sales order.b. Each warehouse has an associated price list.c. You have to manually assign a price list in the sales order.d. The main price list from the item master record is used in the sales order.
William specializes in purchasing and selling of furniture, currently the business decided to sell a computer equipment on credit. In which of the below journal, the transaction should be recorded? O a. Sales journal O b. Computer equipment journal O c. General journal O d. Purchases journal
Accounting Information System Provide an analysis/explanation of the flow of the payment flowchart of a bookstore who's ordered books from suppliers. Step 1: Payment Step 2: Number of items and type Step 3: Match order form with receiving report Step 4: Prepare voucher for payment Step 5: Owner approves payment
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Answe these questions in relation to accounting packages systems