What are the two primary items that bring about a change inproprietorship during the accounting period? *LiabilitiesExpensesAssetsDrawingNet IncomeThe generally accepted accounting principle that supports recording thevalue of a property at the purchase price when the market value is higher isthe: *monetary principleO going concern principlecost principleconservatism principle What is the period of time covered by the income statement? *Ackerman Limousine ServiceIncome StatementFor the Year Ended December31, 2020Revenue:Limousine RentalP 2,400,000Expenses:Repairs ExpenseP 235,000Salaries Expense1,400,000Gas and Oil Expense300,000Total Expenses1,985,000Net IncomeP 415.000December 2020O January 1- December 31, 2020December 2021December 1-31, 2020

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Description: What are the two primary items that bring about a change inproprietorship during the accounting period? *LiabilitiesExpensesAssetsDrawingNet IncomeThe generally accepted accounting principle that supports recording thevalue of a property at the purc

Change in proprietorship means the items which affects the owner's capital. There are two reasons…

Business

Accounting

What are the two primary items that bring about a change in proprietorship during the accounting period? * Liabilities Expenses Assets Drawing Net Income The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: * monetary principle O going concern principle cost principle O conservatism principle

What are the two primary items that bring about a change in proprietorship during the accounting period? * Liabilities Expenses Assets Drawing Net Income The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: * monetary principle O going concern principle cost principle O conservatism principle

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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