Acc 421 Week 2 Individual Assignments Essay
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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 …show more content…
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.
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