QUESTION 10 Match each situation below to the relevant accounting assumption or principle. This content is copyrighted.

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Question 10 Match Each Situation Below To The Relevant Accounting Assumption Or Principle This Content Is Copyrighted 1 (50.46 KiB) Viewed 10 times

QUESTION 10 Match each situation below to the relevant accounting assumption or principle. This content is copyrighted. Use each choice only once, and pick the best match for each story. E. J. Jones opens an ice cream parlor as a sole proprietor. He/she contributes $5,000 of cash from a personal checking account into a new business account. ✓ Smith, Inc. has a division in England. Smith translates the results of the division from British pounds to U.S. dollars before preparing its financial statements. A. Acme Company purchased land for $500,000. The president feels that the purchase was a great bargain. The land is recorded on Acme's books at $500,000. ✓ A business has always prepared annual financial statements. However, management has now requested monthly statements. ✓ A company needs to use special accounting rules because they have declared bankruptcy and are liquidating. A. Cost principle B. Going concern C. Economic entity D. Time period E. Monetary unit