All of the questions have the same choices in the drop down menu. Your answer is
ID: 2332074 • Letter: A
Question
All of the questions have the same choices in the drop down menu.
Your answer is partially correct. Try again. The following excerpts were taken from the annual reports of a variety of companies Match each of the ten assumptions, principles, and exceptions below with one of the ten excerpts. Some items may be used more than once or not at all. 1 The company's reporting periad ends on the Saturday closest to January 31 (The Limited). 2. The consolidated financial statements include the accounts of Federal Express and its wholly owned subsidiaries (Federal Express). 3. Inventories are valued primarily at the lower of cost or market value (JCPenney) 4. Certain reclassifications have been made for prior years to conform with this year's presentation (Wendy's International) Economic entity Fiscal period Going concern Matching Materiality Objectivity Revenue recognition Stable dollar Revenues from the distribution of motion pictures are recagnized when mation pictures are exhibited (Walt Disney) 6. In an ongoing investigation, the Antitrust Division of the U.S. Department of Justice requested information from Microsoft concerning various issues. Management currently believes that 7, Flight equipment is depreciated on straight-line basis over 20-year useful life (Delta Air Lines) 8. Intangible assets are carried on the balance sheet at cost (Merck) 9. Property and equipment are recorded at cost (Apple Inc.) 10 Infiation rates, even though moderate in many parts of the world, continue to have an effect on worldwide economies but have had no effect on the company's reported financial position Click if you would like to Show Work for this question: Open Show Work Materiality Consistency Going concern Matching resolving these matters will not have a materially adverse impact on the company's financial position or operations (Microsoft). Stable dollar and performance (Johnson & Johnson)Explanation / Answer
1. Fiscal Period
2. Economic Entity
3. Conservatism
4. Objectivity
5. Revenue Recognition
6. Materiality
7. Consistency
8. Going Concern
9. Matching
10. Stable dollar