BE 01.12 – Select Components/Aspects of Relevance
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Given definitions… match the component of relevance with the definition.
Given definitions… match the component of relevance with the definition.
Match each of the given definitions to the faithful representation.
Analyze transactions and indicate an increase or decrease in the accounting equation for providing services to customers, receive cash from customers, purchase bike equipment by signing a note, and pay utilities.
Your numbers will vary.
For each of the following items, identify the appropriate financial statement element or elements: (1) probable future sacrifices of economic benefits; (2) probable future economic benefits owned by the company; (3) inflows of assets from ongoing, major activities; (4) decrease in equity from peripheral or incidental transactions.
Show the accounting concept that applies.
Identify the accounting concept violated.
Agree or disagree and state accounting concept applied.