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liraira [26]
3 years ago
7

Match each of the following scenarios with the accounting principle or accounting assumption that it best illustrates.a. Several

years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price. b. The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets. c. Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses. d. Thomas records expenses incurred to produce the sales for the month. e. GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded. f. Thomas Company provides earnings information to investors at the end of every quarter. g. The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.
Business
1 answer:
Orlov [11]3 years ago
5 0

Answer:

Key S - Scenario

      A - Accounting Principle or Assumption

S

Several years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price.

A

Historical cost principle

S

The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets.

A

Business entity assumption

S

Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses.

A

Going concern assumption

S

Thomas records expenses incurred to produce the sales for the month.

A

Expense recognition principle

S

GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded.

A

Revenue recognition principle

S

Thomas Company provides earnings information to investors at the end of every quarter.

A

Time period assumption

S

The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.

A

Monetary unit assumption

Explanation:

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<h3>What is rate of return?</h3>

Rate of return can be defined as a net gain (profit) or loss that is associated with an investment over a specified period of time, and it's usually expressed as a percentage of the investment's initial cost.

This ultimately implies that, the rate of return must be higher than the rate of inflation in order for any business firm or individual to earn money on their investments.

Also, a positive return on investment (ROI) entails a net gain (profit) from an investment over a specified period of time. This ultimately implies that, the type of food that is offered on the meal plan isn't something to consider when trying to get a positive return on investment (ROI) for higher education.

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Complete Question:

Which of these is not something to consider when trying to get a positive return on investment (ROI) for higher education?

a. The cost of attendance.

b. The financial aid package that is offered to you.

c. The type of food that is offered on the meal plan.

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Answer:

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Explanation:

Solution

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