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ACC 421 Week 2 Individual Assignments For more classes visit www.snaptutorial.com Problem 1: Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort. Consider each one of the following in light of the characteristics of accounting: A: The economic consequences of a standard or rule are not considered. B: Two other qualitative characteristics related to both reliability and relevance. C: Exists when a particular measurement is agreed to by the majority. D: Two large retail chains employ the same accounting principles. E: Accounting information is useful because of these two primary qualities. F: Users’ expectations are confirmed by accounting information. G: This primary quality has predictive value as a component. H: This primary component of relevance is illustrated by quarterly financial statements issued in addition to annual financial statements. I: A component of this primary quality of accounting information is neutrality. J: This quality is necessary in order to compare the results of a company over time. Problem 2: Grading: This problem is worth a total of 18.75 points. There are 10grading elements each worth 18.75 x 2/3 / 10 = 1.25 points. There are 18.75 x 1/3 = 6.25 points available for effort. Consider each of the following in light of accounting assumptions, principles, and constraints: A: Potential gains are not recorded in the financial records; however potential losses are recorded in the financial records. B: Financial information for personal finances and financial information for business finances are kept separate. C: The value of land increases after it was purchased, however the increase in value is not recorded in the financial records. (Do not use the revenue recognition principle.) D: In the United States, the dollar is the quantitative measure used in financial statements. E: Allows a dealer in gold to revalue gold inventory up to market value, for instance. F: Requires the recording of expenses in the same period the revenue resulting from those expenses is recorded. G: A company’s assets are not reported at liquidation value. (Do not use the historical cost principle.) H: Allows information that will not influence the decisions of reasonably informed uses to be omitted from the financial statements but requires the inclusion of information that will affect such decisions. (Do not use the full disclosure principle.) I: Financial statements are issued at regular intervals. J: Financial statements contain all relevant information. Problem 3: Grading: This problem is worth a total of 18.75 points. There are 12grading elements each worth 18.75 x 2/3 / 12 = 1.0417 points. There are 18.75 x 1/3 = 6.25 points available for effort. Consider each of the following items recorded by the SWN Company: A: The SWN Company has received the proper documents indicating that it is being sued by the WWK Company for $300,000 because the WWK Company claims that one of SWN Company’s products failed causing damage to WWK Company’s factory machines. SWN Company’s attorneys have carefully reviewed the suit and have concluded that there is very little probability that the suit will be successful and SWN Company will have no liability for the damages. However, in order to be conservative, SWN Company records the following entry: Product Liability Loss 300,000 Accrued product liability loss 300,000 To accrue for possible loss from product liability (Note that generally accepted accounting principles specify that potential losses are recorded if (1) the amount of the potential loss can be reasonably estimated and (2) it is probable that the loss will be incurred.) B: The SWN Company acquired factory equipment for $135,000 at a liquidation sale of a local company that was in bankruptcy. Because the company was selling due to a bankruptcy liquidation, the sale prices were significantly below the actual fair market value of the equipment. In fact, the fair market value of the equipment purchased by the SWN Company was $180,000. Upon purchase the SWN Company recorded the following:
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