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Words 483

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Accounting Assumptions, Principles, and constraints

The basic Assumptions of accounting are: monetary unit assumption, time period assumption, economic entity assumption, and going concern assumption. Monetary unit assumption is when records only show data that can be expressed in terms of money. Health of owners, the quality of service, and morale of employees are not included because companies cannot qualify this information in terms of money (Accounting in action). Going concern assumption is when the business is assumed to have a continuous life of existence it will not close or be sold. Since the business is assumed to have a continues life of existence the life of the business is divided into equal periods that when these equal periods are over the accountant prepares the financial statement, this called the time period assumption. this period can be yearly, annually, monthly or quarterly it depends. and finally entity assumption wherein the business considered as a separate and distinct entity apart from the owner. The principles of accounting: the first principles is the cost principle, this dictate the company's assets at their cost. This means the amount spent when the item was obtained whether it was purchased today or 20 years ago. Cost will be recorded as purchased even if the cost has had increase in value over time, this is referred to as historical cost. This basic accounting principle is the basis for accrual accounting. It requires us to record revenue when the goods have been sold or the service has been provided. Disclosure principle: This accounting principle requires us to disclose all pertinent financial information about our business in an understandable form. This information is presented in the main body of our financial statements, in the footnotes of our financial…...

...resource is oil. Declining-balance method provides you the highest depreciation expense in the first year, because with this method there is a decreasing annual depreciation expense over the asset’s useful life. According to "Learn Accounting" (2004-2014), "Yes, many companies use two or more methods of depreciation, it is acceptable for companies to depreciate its plant assets by using the straight line method while using an accelerated method on its income tax return.” The two different methods of depreciation that can be used are, one for accounting and another for income tax. Some assets can consist of being depreciated using the units of production or units of activity method, while other assets are depreciated using the straight line method. Though it is not against the rules to change the method used or to use more than one, however it is recommend that one method should be used, the consistency enhances the comparability of the company’s financial statements. References Wasson, D. D., Kieso, D. E., Kimmel, P. D., Weygandt, J. J., & Weygandt, J. J. (2010). Working papers to accompany Financial accounting 7th edition [by] Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel. Hoboken, NJ: John Wiley & Sons. Learn accounting. (2004-2014). Retrieved from http://www.accountingcoach.com/bookkeeping/explanation/1...

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...XACC 280 Financial Accounting Concepts and Principles /Complete Class Click Link below To Purchase: http://homework-aid.com/XACC-280-Financial-Accounting-Concepts-and-Principles-Complete-270.htm Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C. • Write a message of......

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...XACC 280 Financial Accounting Concepts and Principles /Complete Class Click Link below To Purchase: http://homework-aid.com/XACC-280-Financial-Accounting-Concepts-and-Principles-Complete-270.htm Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C. • Write a message of......

Words: 1559 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Class Click Link below To Purchase: http://homework-aid.com/XACC-280-Financial-Accounting-Concepts-and-Principles-Complete-270.htm Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C. • Write a message of......

Words: 1559 - Pages: 7

Words: 1559 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://chosecourses.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

Words: 1581 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://chosecourses.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

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...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://homeworkgoods.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

Words: 1581 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://homeworkonestop.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

Words: 1581 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://chosecourses.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

Words: 1581 - Pages: 7

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://homeworkonestop.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

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Words: 15801 - Pages: 64

Words: 1581 - Pages: 7

Words: 7901 - Pages: 32

...XACC 280 Financial Accounting Concepts and Principles /Complete Purchase here http://homeworkonestop.com/xacc-280-financial-accounting-concepts-and-principles-complete Product Description XACC 280 Week 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. CheckPoint: The Accounting Equation • View PhxKlips The Accounting Equation on your student Web site. • Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. • Complete E1-5 on p. 34 of Financial Accounting. • Post your explanation of the elements in the accounting equation with the answers to E1-5. XACC 280 Week 2 CheckPoint: Debits and Credits • View PhxKlips Debits and Credits on your student Web site. • Complete the questions and fill in the Account Changes matrix in Appendix B. • Post the completed Appendix B as an attachment. XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance • Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three......

Words: 15801 - Pages: 64