ACC 421 WEEK 2 INDIVIDUAL ASSIGNMENTS
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ACC 421 WEEK 2 INDIVIDUAL ASSIGNMENTS
Problem 1:
Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort.
Consider each one of the following in light of the characteristics of accounting:
A: The economic consequences of a standard or rule are not considered.
B: Two other qualitative characteristics related to both reliability and relevance.
C: Exists when a particular measurement is agreed to by the majority.
D: Two large retail chains employ the same accounting principles.
E: Accounting information is useful because of these two primary qualities.
F: Users’ expectations are confirmed by accounting information.
G: This primary quality has predictive value as a component.
H: This primary component of relevance is illustrated by quarterly financial statements issued in addition to annual financial statements.
I: A component of this primary quality of accounting information is neutrality.
J: This quality is necessary in order to compare the results of a company over time.
Problem 2:
Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort.
Consider each of the following in light of accounting assumptions, principles, and constraints:
A: Potential gains are not recorded in the financial records; however potential losses are recorded in the financial records.
B: Financial information for personal finances and financial information for business finances are kept separate.
C: The value of land increases after it was purchased, however the increase in value is not recorded in the financial records. (Do not use the...