Drag the tiles to the correct boxes to complete the pairs. Match the characteristics with their relevant accounting principles. materiality prudence consistency objectivity Terry hopes to earn a profit of $5,000 next month. However, he doesn't record it in the book of accounts. Investors view financial statements as a reliable document on which they can base investment decisions. The accountant uses the same method of calculating profit. A company can back every purchase with a receipt.
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- B. Harper is surfing the Internet and finds a great pair of rollerblades at a really low price, but he has never heard of the company and is concerned that the product he ordered may not be the product he receives. Harper may be more willing to place an order with this company ifa. The website displays the WebTrust seal.b. The company provides its annual report and the report of the independent auditors on its website.c. The company provides a money-back guarantee.d. Only a partial payment is required prior to receiving the product.Your company has loaned money to an outside entity. You earned the monthly interest on the loan but have not received the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future, you have created account #901, Interest Receivable, in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you set up this new account. What needs to be corrected in the chart of accounts shown below, and how would you fix it? Teacher Feedback: Review the detail type and the account number.Your company has loaned money to an outside entity. You earned the monthly interest on the loan but did not receive the payment yet. The payment is expected to be received next month. To capture the interest expected to be received in the future you have created account #901 , Interest Receivable in your chart of accounts and booked the journal entry to DR: Interest Receivable and CR: Interest Income. While the basic journal entry was correct, your manager is questioning how you setup this new account. Based on this image of the chart of accounts below what needs to be corrected and how would you correct this?
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