Accounting: Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization. Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries. Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more. Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism. To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please explain the solution to this financial accounting problem with accurate explanations.

Given the solution and accounting question

What is the overall contribution margin ratio?

Answer 2

Question

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Answer 6

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Answer 7

Chapter 1, Problem 4QS

To determine

Accounting:

Accounting is the technique of recording the financial events and transaction occur in a business while doing any business activity. Accounting is one of the major activity done in any organization, accounting is necessary to see the present as well as the future position of an organization.

Accounting Principle: Accounting principle are the special guidelines that should be followed by the company for recording the financial transactions of the company. The accounting principle of one country is different from other. As they are based on the economic factor of the countries.

Accounting Assumption: An accounting assumption is the statement that made by the experienced accountants. Although no evidence is available for these assumptions, but they are regularly followed in accounting. For example business entity assumption, going concern assumption and many more.

Accounting Constraint: The accounting constraints are the limitation that seen by the accountant while providing accounting information. The accounting constraint allow certain changes from the accounting principles while reporting information of company. The four main accounting constraint are cost and benefit, materiality, industry practices, and conservatism.

To identify: The each given terms come under (a) accounting principle or (b) accounting assumption or (c) accounting constraint.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 1 - Prob. 1MCQ Ch. 1 - Prob. 2MCQ Ch. 1 - Prob. 3MCQ Ch. 1 - Brunswick borrows $ 50,000 cash from Third...Ch. 1 - Geek Squad performs services for a customer and...Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasing used to process...Ch. 1 - Prob. 3DQ Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ

Want to see the full answer?

Chapter 1 Solutions