Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. state the qualitative characteristic, accounting a

State the qualitative characteristic, accounting assumption, principle, or constraint that is most applicable in the...

70.2K

Verified Solution

Question

Accounting

State the qualitative characteristic, accounting assumption, principle, or constraint that is most applicable in the following cases.

1. All payments less than $25 are expensed as incurred. Monetary unit assumption

2. The company employs the same inventory valuation method from period to period. Consistency quality

3. A patent is capitalized and amortized over the periods benefited. Periodicity assumption

4. Assuming that dollars today will buy as much as ten years ago. Monetary unit assumption

5. Rent paid in advance is recorded as prepaid rent. Expense recognition principle or going concern assumption

6. Financial statements are prepared each year. Economic entity assumption

7. All significant post-balance sheet events are reported. Materiality quality

8. Personal transactions of the proprietor are distinguished from business transactions.

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

Medical Sciences
1.2K views

what's the peptide pathway of the Neuropeptide y (NPY) and design a theoretical drug that activates...

Biology
1.2K views

Audio 0 00 0 18 A Speed 1 it consists of highly radioactive materials

Physics
1.2K views

27 21 1 A block of mass 0 50 kg is moving with a speed...

Geometry
1.2K views

17 B 68 Find the measure of arc AB 146

Basic Math
1.2K views

Hindu Arabic Numerals XCCDLXVI ECDLXVI Type an integer

Basic Math
1.2K views

The true price of a gift you purchase by mail-order is $18.85, but you are...

Statistics
1.2K views

CQ1 Suppose Y is a random variable from under a Gaussian distribution with mean 21...

Algebra
1.2K views

Find the mode(s) of the following data set.13, 15, 6, 17, 16, 18, 11, 10,...

Algebra
1.2K views

We want to graph the function f x log4 x In a table below find...

Accounting
1.2K views

Jamie has a retail phone business in San Francisco. He needs to choose between using...

Accounting
1.2K views

The town of Stow was incorporated and began governmental operations on July 1, 20X8. Stow's...

Accounting
1.2K views

You also had a customer who wanted to take out a loan that is continuously...