AC 501 Unit 1 Homework Assignment

AC 501 Unit 1 Homework Assignment
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homework-assignment
E2-7 (Assumptions, Principles, and Constraints): Presented below are
the assumptions, principles, and constraints used in this chapter.
Economic entity assumption 5.Historical-cost principle 9. Materiality
Going-concern assumption 6.Matching principle 10. Industry practices
Monetary unit assumption 7. Full disclosure principle 11.
Conservatism
Periodicity assumption 8. Cost-benefit relationship
Instructions
Identify by number the accounting assumption, principle, or constraint
that describes each situation below. Do not use a number more than
once.
E2-8 (Assumptions, Principles, and Constraints): Presented below are a
number of operational guidelines and practices that have developed
over time.

Instructions
Select the assumption, principle, or constraint that most appropriately
justifies these procedures and practices. (Do not use qualitative
characteristics.)
E3-1 (Transaction Analysis—Service Company)
Beverly Crusher is a licensed CPA. During the first month of operations
of her business (a sole proprietorship), the following events and
transactions occurred.
E3-4 (Corrected Trial Balance): The trial balance of Watteau Co.
(shown on the next page) does not balance.
E3-10 (Adjusting Entries) Greco Resort opened for business on June 1
with eight air-conditioned units. Its trial balance on August 31 is as
follows.
E3-14 (Closing Entries)
Presented below is information related to Gonzales Corporation for the
month of January 2008.