Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. identify the accounting principle or assumption th

Identify the accounting principle or assumption that best explains each situation. 1. In December of...

80.2K

Verified Solution

Question

Accounting

image
Identify the accounting principle or assumption that best explains each situation. 1. In December of this year, Chavez Landscaping recelved a customer's order and cash prepayment to install sod at a house that would not be ready for installation untll March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this yeat. 2. Green Cleaners Incorporated purchased bleach for an upcoming job. Green Cleaners does not record the expense untll It performs the cleaning job. 3. Chen Organics purchased a tractor for $20,000 cash. The owner belleves the tractor is really worth $30,000. The tractor is still recorded at $20,000 on the balance sheet. Complete this question by entering your answers in the tabs below. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, n December of this year. Idensty which accounting principle or assumption best describes the above practice

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Which of the following scenarios is inconsistent with a semistrong-efficient market? Multiple Choice A. Veeva's CEO sold 100,000...

Advance Math
1.2K views

A toll-free phone number is available from 9 AM to 9 PM for your customers to...

Basic Math
1.2K views

1. State the research hypothesis (non-directional) and the null hypothesis. Make sure you include both DV and...

Biology
1.2K views

A decrease in the price of crude oil would most likely decrease aggregate demand in...

Geometry
1.2K views

Match the equation with the sentence Susanne was hiking down from Mt Whitney She started...

Basic Math
1.2K views

Lexington High School has an annual growth rate of 4.7%. Three years ago there were...

Accounting
1.2K views

Between The company's return on investment for last year. and The Board of Directors...

Accounting
1.2K views

The relevant costs and revenues to consider in a special order decision include variable costs,...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] During...

Accounting
1.2K views

1. What types of cash transactions flow through each section (Operating, Financing, Investing) 2. Explain...

Accounting
1.2K views

The following costs result from the production and sale of 4,850 drum sets manufactured by...

Accounting
1.2K views

Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and...