Question

Basically, you are being asked to write two test problems. (not questions, but full problems). Come...

Basically, you are being asked to write two test problems. (not questions, but full problems). Come up with your own story for the accounting problem...feel free to be creative...and utilize one or more of the concepts from class. ALSO, make sure that you answer the problem(s) you have created as well.

Homework Answers

Answer #1

1st problem :- Time value of money = If any sale is made on credit basis revenue is recognised and profit is shown whether or not money is received, thus it ignores time value of money

Sol. By using discounting of income, we can somehow overcome this problem.

2nd problem :- Recording of assets at historical cost = for instance if I have purchased a land for 4 million in year 2010 then it will be shown in financial position as 4 million only even in year 2017 even if it's currently t worth as on 2017 is 12 million thus undermining the asset of the company thus not reflecting the true position of the organization.

Sol. We can make standard so as to value an asset periodically may be after every 2 year or if there has been a certain percentage of change in the current value of the asset.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
write test problems about shares purchase . (not questions, but full problems). Come up with your...
write test problems about shares purchase . (not questions, but full problems). Come up with your own story for the accounting problem...feel free to be creative...and utilize one or more of the concepts from class. ALSO, make sure that you answer the problem(s) you have created as well.
When answering the provided questions, you must ensure that your answers address the questions, that your...
When answering the provided questions, you must ensure that your answers address the questions, that your answers have an Australian accounting/financial reporting focus, that your answers are internally consistent, and that the individual components of your answers provide a well-rounded argument that is easy to follow. The Chief Financial Officer (CFO) of Large Mart has been unable to find answers for two accounting problems. He has asked you to investigate the following questions and to write a report (including relevant...
Current Affairs Writing Assignment You are required to complete a formal write-up of the two current...
Current Affairs Writing Assignment You are required to complete a formal write-up of the two current affairs articles and will submit your write-ups along with the articles. Each write-up should be at least 1 type written page (12 point font, APA Style- including in-text citation and a reference page). Your submission should indicate the title of the article, author’s name, name of the publication (if it is an internet site, provide the URL), date of publication, as well as the...
Please answer all the questions below In the problems below, give a complete hypothesis test for...
Please answer all the questions below In the problems below, give a complete hypothesis test for each problem. Make sure you include the original claim in symbols, The null and alternative hypothesis, the significance level, the actual formula and calculation of the test statistic, give the p-vale or and drawing of distribution and region. Also include the decision concerning the null hypothesis and a conclusion stated in non-technical terms Hypertension is defined as a blood pressure reading over 1400 mm...
Consider the following scenario and then answer our discussion questions: You always walk to work, and...
Consider the following scenario and then answer our discussion questions: You always walk to work, and your regular route takes you past a shallow pond. One morning you put on your very best clothes (you paid $200 for them just last week) and are in rush for a very important business meeting with your boss. When you pass by the pond, you notice that a toddler has fallen in and is about to drown. The child is crying for help!...
Create a new NetBeans project (using Ant) titled YourNameExam2P3. 2. Pretend you are a malware author...
Create a new NetBeans project (using Ant) titled YourNameExam2P3. 2. Pretend you are a malware author and you are trying to come up with random-looking web domain names for your command-and-control viruses, e.g. “RDf-45dlfjxg7.com”. 3. First, you need to come up with some original criteria that define your domain name pattern. For example, “it should be 13 characters long, include 3 integers only, no lower case letters, and possibly end in .net or .edu”. You should come up with your...
JAVA use the concepts in concurrent programming to write a basic multi-threaded program. You will be...
JAVA use the concepts in concurrent programming to write a basic multi-threaded program. You will be creating a program that simulates the sound of soldiers marching: “Left, Left, Left, Right, Left”. You will need one class to print “Left” and one to print “Right”, as well as a class to drive the program. LeftThread.java public class LeftThread extends Thread { public void run() { for(int i = 0; i < 10; i++) { //TODO: Print "Left" //TODO: Print "Left" //TODO:...
SECTION A: CASE TWO READ THE CASE CAREFULLY AND ANSWER THE QUESTIONS THAT FOLLOW DIGITAL SERVICE...
SECTION A: CASE TWO READ THE CASE CAREFULLY AND ANSWER THE QUESTIONS THAT FOLLOW DIGITAL SERVICE FOR STUDENTS IN HIGHER EDUCATION (DSSHED) Digital Service for Students in Higher Education (DSSHED) is an innovation platform for the creators of next generation products and services. It was founded by the Ingenious Investment Group (IIG). The objective of DSSHED is to boost multidisciplinary agile innovation culture and encourage entrepreneurship in its catchment region. DSSHED provides students and companies with a collaborative and multidisciplinary...
Shamus’s family come to talk to you about their his care. They want to speak to...
Shamus’s family come to talk to you about their his care. They want to speak to you because they trust you as someone who has worked very closely with Shamus as a palliative care worker for the last two months. They are very distressed about a report they have received from the doctor, who has told them that Shamus has only days to live. His family ask you to refer them to a different doctor – there must be something...
hi Read the situation below, and then answer the questions that follow in a Word document...
hi Read the situation below, and then answer the questions that follow in a Word document which you will submit as Assignment 4 in the dropbox. Also post your responses in Discussion 8, in a discussion posting. You are the executive assistant to Bill Snoman, vice-president of finance at Cool Air Ventilation Systems. He has just called you into his office to discuss department spending. Bill: There needs to be some serious expense cutting around this place. I can't believe...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT