question archive Identify the accounting? assumption, principle or qualitative characteristic that best applies to each of the following?situations: a
Identify the accounting? assumption, principle or qualitative characteristic that best applies to each of the following?situations: a
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Identify the accounting? assumption, principle or qualitative characteristic that best applies to each of the following?situations:
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a. |
At the height of the financial? crisis, there were speculations that Lehman Brothers would not be able to meet its obligations before it eventually filed for bankruptcy on September? 15, 2008. |
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b. |
?ComfortDelgro, a transportation? company, has been using an?eight-year lifespan on the roadworthiness of its fleet of buses. Better maintenance and servicing have allowed the company to use its buses for a period of 12 years. |
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c. |
?F&N is the parent company of Asia Pacific Breweries and Boncafe? Beverages, and wishes to evaluate which subsidiary has performed better. |
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d. |
You are about to report your net income for the year. It looks like a record breaking? year, sales are expected to top the? $10 million mark for the first time.? However, you are uncertain if you have actually delivered the goods ordered by one customer on December? 30, 20X6 totaling? $500,000. |
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a. At the height of the financial crisis, there were speculations that Lehman Brothers would not be able to meet its obligations before it eventually filed for bankruptcy on September 15, 2008.
answer :
(going concern).
b. ComfortDelgro, a transportation company, has been using an eight-years lifespan on the roadworthiness of its fleet of buses. Better maintenance and servicing have allowed the company to use its business for a period of 12 years.
answer:
(accrual accounting assumption).
c. F&N is the parent of Asia Pacific Breweries and Boncafe Beverages and wishes to evaluate which subsidiary has performed better.
answer:
(Qualitative characteristic: Comparability).
d. You are about to report your net income for the year. It looks like a record-breaking year, and sales are expected to top the $10 million mark for the first time. However, you are uncertain if you have actually delivered the goods ordered by one customer on Dec 30, 20X6, totalling $500,000.
answer:
(Accrual concept).
