Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities. To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

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Answer 1

Question

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

(d)

To determine

To identify: The bank account of N should be opened or not.

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Answer 2

Question

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

(d)

To determine

To identify: The bank account of N should be opened or not.

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Answer 3

Question

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

(d)

To determine

To identify: The bank account of N should be opened or not.

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Answer 4

Question

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

(d)

To determine

To identify: The bank account of N should be opened or not.

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

(d)

To determine

To identify: The bank account of N should be opened or not.

Answer 6

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

Answer 7

Chapter 1, Problem 1CC

(a)

To determine

Economic Entity Assumption: An economic entity assumption assumes the activities of business and its owner are separate and should be recorded separately. This assumption considers business and its owner two separate identities.

To identify: Form of business organization that should be recommended to N for the business with reason and benefits and weakness of each form of business organization.

Answer 8

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

Answer 9

(b)

To determine

To identify: The requirement of accounting information to N and reason of the requirement of information.

Answer 10

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

Answer 11

(c)

To determine

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

Answer 12

(d)

To determine

To identify: The bank account of N should be opened or not.

Answer 13

(d)

To determine

To identify: The bank account of N should be opened or not.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 1 - Prob. 1Q Ch. 1 - Prob. 2Q Ch. 1 - Prob. 3Q Ch. 1 - 4. What uses of financial accounting information...Ch. 1 - Prob. 5Q Ch. 1 - Prob. 6Q Ch. 1 - 7. What is the monetary unit assumption? Ch. 1 - 8. What is the economic entity assumption? Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

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To identify: The requirement of accounting information to N and reason of the requirement of information.

To identify: The specific asset, liability and owner’s equity accounts that are likely to be used by C. Corporation to record its business transactions.

To identify: The bank account of N should be opened or not.

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Chapter 1 Solutions