Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements. Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid. Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis. Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period. Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period. To match: The statements with the concepts.

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Answer 1

Question

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

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Question

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

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Answer 4

Question

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

Answer 6

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

Answer 7

Chapter 3, Problem 3.1DIE

To determine

Accounting principles: Accounting principles are those principles and guidelines mentioned in accounting, which should be followed by every entity to prepare its financial statements.

Cash Basis of accounting: As per this accounting system, transactions have been recorded in the financial statement only when these are incurred in cash. Like Revenues are recorded only when cash is received and expenses are recorded only when cash is paid.

Time period assumption: According to time period assumption, the financial statements are prepared for a definite and particular period to analyze the financial performance on a timely basis.

Revenue recognition principle: According to the principle, the revenue is to be recognized in the financial statements when the performance obligation related to the contract has been accomplished during the specified period.

Expense recognition principle: According to the principle, the cost incurred is to be recognized as an expense when the assets or liabilities are used for the purpose to generate revenues in the particular period.

To match: The statements with the concepts.

Answer 8

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Answer 9

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Answer 11

Ch. 3 - Prob. 1Q Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q Ch. 3 - Prob. 4Q Ch. 3 - Prob. 5Q Ch. 3 - Prob. 6Q Ch. 3 - 7. Why may a trial balance not contain up-to-date...Ch. 3 - Prob. 8Q Ch. 3 - Prob. 9Q Ch. 3 - Prob. 10Q

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