HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Question
Chapter 6, Problem 1RQ
To determine
Accounting Principles: There are some accounting principles that are related to the accounting of the merchandise inventories. They are consistency principle, disclosure principle, materiality principle and conservatism principle.
To find out: The accounting principle that states that the business should use the same accounting principle from period to period.
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Students have asked these similar questions
Which principle or concept states that businesses should use the same accounting methods and procedures from period to period?
a. Disclosure
b. Conservatism
c. Consistency
d. Materiality
Which principle or concept states that businesses should use the same accounting methods and procedures from period to period?
Disclosure
Conservatism
Consistency
Materiality
What is the role of GAAP (Generally Accepted Accounting Principles) in the practice of accounting, and how do companies ensure compliance with these standards?
Chapter 6 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 6 - Which principle or concept states that businesses...Ch. 6 - Which inventory costing method assigns to ending...Ch. 6 - Assume Nile.com began April with 14 units of...Ch. 6 - Suppose Nile.com used the weighted-average...Ch. 6 - Which inventory costing method results in the...Ch. 6 - Prob. 6QCCh. 6 - At December 31, 2016, Stevenson Company overstated...Ch. 6 - Suppose Maestros had cost of goods sold during the...Ch. 6 - Suppose Nile.com used the LIFO inventory costing...Ch. 6 - Prob. 1RQ
Ch. 6 - Prob. 2RQCh. 6 - Prob. 3RQCh. 6 - What is the goal of conservatism?Ch. 6 - Prob. 5RQCh. 6 - Under a perpetual inventory system, what are the...Ch. 6 - Prob. 7RQCh. 6 - Prob. 8RQCh. 6 - What does the lower-of-cost-or-market (LCM) rule...Ch. 6 - What account is debited when recording the...Ch. 6 - What is the effect on cost of goods sold, gross...Ch. 6 - When does an inventory error cancel out, and why?Ch. 6 - Prob. 13RQCh. 6 - Prob. 14RQCh. 6 - Prob. 15ARQCh. 6 - Prob. 16ARQCh. 6 - Determining inventory accounting principles Ward...Ch. 6 - Prob. 6.2SECh. 6 - Prob. 6.3SECh. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Use the following information to answer Short...Ch. 6 - Comparing Cost of Goods Sold under FIFO, UFO, and...Ch. 6 - Prob. 6.8SECh. 6 - Prob. 6.9SECh. 6 - Prob. 6.10SECh. 6 - Prob. 6.11SECh. 6 - Prob. 6.12SECh. 6 - Prob. 6.13SECh. 6 - Using accounting vocabulary Match the accounting...Ch. 6 - Prob. 6.15ECh. 6 - Prob. 6.16ECh. 6 - Use the following information to answer Exercises...Ch. 6 - Prob. 6.19ECh. 6 - Prob. 6.20ECh. 6 - Prob. 6.21ECh. 6 - Prob. 6.22ECh. 6 - Prob. 6.23ECh. 6 - Prob. 6.24ECh. 6 - Prob. 6.25ECh. 6 - Prob. 6.26ECh. 6 - Prob. 6.27ECh. 6 - Prob. 6.28APCh. 6 - Prob. 6.29APCh. 6 - Prob. 6.30APCh. 6 - Prob. 6.31APCh. 6 - Prob. 6.32APCh. 6 - Prob. 6.33BPCh. 6 - Prob. 6.34BPCh. 6 - Prob. 6.35BPCh. 6 - Prob. 6.36BPCh. 6 - Prob. 6.37BPCh. 6 - Prob. 6.38CPCh. 6 - Prob. 6.39PSCh. 6 - Prob. 6.1COPCh. 6 - Prob. 6.1CTDC
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Similar questions
- What accounting policies are disclosed in the notes accompanying a companys financial statements? Why is this disclosure important?arrow_forwardWhich of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principlearrow_forwardHow does the timing of revenue recognition impact a company's financial statements and profitability?arrow_forward
- Which of the following states that the business should use the same accounting methods from period to period? a. Materiality concept b. Consistency principle c. Disclosure principle d. Accounting conservatismarrow_forwardwhy the concept of continuity, periodicity, and accrual accounting necessary for a company to account for transaction within the duration of accounting periodsarrow_forwardThe accounting cycle differs depending on whether a company uses IFRS or ASPE accounting standards. True Falsearrow_forward
- Why might a company choose not to use revaluation accounting?arrow_forwardWhat are the two extreme approaches that a company might follow in determining appropriate accounting policies for preparing its initial set of IFRS financial statements?arrow_forwardGenerally accepted accounting principles require that companies use the _____ of accounting. a.deferral basis b.account basis c.cash basis d.accrual basisarrow_forward
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