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1. CheckPoint: Accounting Assumptions, Principles, and Constraints
• Write an essay in 250 to 300 words, including the following:
o The basic assumptions of accounting
o The principles of accounting
o The constraints of accounting
o A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
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CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance
• Complete parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting.
• Use the templates in Appendix D. Complete all three tabs.
• Post the completed Appendix D as an attachment.
• an attachment.
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Discussion Questions
• What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given period.
Respond to your classmates’ postings by commenting on what might happen, if expenses are recognized over a period that is longer or shorter than that used for revenues.
• What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why? Does the size of the company make a difference? Explain how. What would be the advantages and disadvantages of using one basis of accounting over the other?
Respond to your classmates by commenting on...