Question;1. Which of the following best illustrates the accounting concept of prudence?a) Use of the direct write-off method in dealing with uncollectible accounts receivable.b)Use of the lower of cost and net realizable value approach in valuing inventoriesc) Use of the same accounting method from one period to the next in determining depreciation expensed) Use of the same revenue recognition policy from one period to the next.2. Which of the following businesses would most likely use the specific identification method to value inventory?a)A department store.b)A manufacturer of electronics componentsc) A car dealership.d) A food distributor. Just need some confirmation and a short explanation would be great. Thanks!
Paper#41368 | Written in 18-Jul-2015Price : $22