Accounting Essay

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1. (TCO A) Listed below are some information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Points: 30)
    Matching:
    Answer Potential Matches:
    : Consistency characteristic         1: Presentation of error-free information with representational faithfulness.
    2: Money is the common denominator of economic activity and provides an appropriate basis for accounting measurement and analysis.
    3: Business enterprise assumed to have a long life.
    4: Application of the same accounting principles as in the preceding year.
    5: Valuing assets at amounts originally paid for them.
    6: Implies that a company can divide its economic activities into artificial time periods.
    7: Notes as part of necessary information to a fair presentation.
    8: Affairs of the business distinguished from those of its owners.
    9: Economic activity can be identified with a particular unit of accountability.
    10: Earnings process completed and realized or realizable.
    : Historical cost principle        
    : Going concern principle        
    : Periodicity assumption        
    : Reliability characteristic        
    : Economic entity assumption        
    : Monetary unit assumption        
    : Revenue recognition principle        
    : Full disclosure principle        
    : Economic entity assumption        

    2. (TCO B) Adjusting Entries: Unearned rent at 1/1/10 was $10,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $50,000, all of which was credited to the Unearned Rent Account. You are to prepare the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit. (Points: 10)

    3. (TCO B) Adjusting Entries: Data relating to the balances of various accounts...

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