Page 23 - Account for Ag - 2019
P. 23
CH 1] Introduction 1-15
Name:
________________________________________________________________________________
` ________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________ 1
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
10. What is the cost principle of accounting? What is the importance of recording transactions
on a cost basis?
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
` ________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
11. U.S. Grant purchases some used equipment for $2,500 to be used in his operation that he is
certain is worth $3,200. At what amount should the equipment be recorded by Grant?
________________________________________________________________________________
` ________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
Copyright Material
