Solved

Match Each of the Following Transactions and Events to the Accounting

Question 266

Matching

Match each of the following transactions and events to the accounting principle applicable to recording and reporting them.

Premises:
Cost principle
Revenue recognition principle
Business entity principle
Objectivity principle
Monetary unit principle
Responses:
To make the balance sheet look better, Helen Cho added several thousand dollars to the Equipment account that she believed was undervalued
An insurance company receives insurance premiums for six future month's worth of coverage
Helen Cho, a sole proprietor, pays for her daughter's preschool out of business funds
A building is for sale at $480,000. An appraisal is given for $450,000
Mayan Imports receives a shipment from Mexico, which contains an invoice that is stated in pesos

Correct Answer:

Cost principle
Revenue recognition principle
Business entity principle
Objectivity principle
Monetary unit principle
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