ACC557 Week 1 Chapter 1 E1 4 E1 7 E1 11 P1 2A Scored

WEEK 1

Chapter 1

E1-4

1.  The accounting method used is Incorrect. Because the cost principle requires that assets (such as buildings) be recorded and reported at their cost.

 

1. The accounting method used is Correct. Because according to the monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money be included in the accounting records. This assumption enables accounting to quantify (measure) economic events. The monetary unit assumption is vital to applying the cost principle

 

The accounting method used is Incorrect. Because according to The Economic Entity Assumption says that the activities of the entity are to be kept separate from the activities of its owner and 

ACC557 Week 1 Chapter 1 (E1-4 E1-7 E1-11 P1-2A) Scored

WEEK 1 Chapter 1 E1-4 1. The accounting method used is Incorrect. Because the cost principle requires that assets (such as buildings) be recorded and reported at their cost. 2. The accountin...

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