Multiple Choice
When a new company was formed,one partner contributed some used equipment he owned.The equipment was appraised at $44,000 and $50,000 by two different dealers.The accountant entered the equipment at $44,000 in the financial records of the partnership.This is an example of
A) the materiality constraint.
B) the conservatism constraint.
C) the matching principle.
D) industry practice constraint.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: The Garrison Company offers terms of net
Q10: Each year there was an increase in
Q11: Depreciating equipment over its useful life is
Q12: An accountant generally assumes that a firm
Q12: Accountants use footnotes to financial statements to
Q15: The Cervantes Company uses the same method
Q16: The cost-benefit test constraint refers to:<br>A) the
Q17: The financial statements in the annual report
Q18: A deviation from generally accepted accounting principles
Q19: Antonio Hanley owns a small automobile service