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
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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
conservatism principle
Transcribed Image Text: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 conservatism principle
What is the period of time covered by the income statement? *
Ackerman Limousine Service
Income Statement
For the Year Ended December31, 2020
Revenue:
Limousine Rental
P 2,400,000
Expenses:
Repairs Expense
P 235,000
Salaries Expense
1,400,000
Gas and Oil Expense
300,000
Total Expenses
1,985,000
Net Income
P 415.000
December 2020
O January 1- December 31, 2020
December 2021
December 1-31, 2020
Transcribed Image Text:What is the period of time covered by the income statement? * Ackerman Limousine Service Income Statement For the Year Ended December31, 2020 Revenue: Limousine Rental P 2,400,000 Expenses: Repairs Expense P 235,000 Salaries Expense 1,400,000 Gas and Oil Expense 300,000 Total Expenses 1,985,000 Net Income P 415.000 December 2020 O January 1- December 31, 2020 December 2021 December 1-31, 2020
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