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Question(s) / Instruction(s):

ACCT 2121 Identify the concepts for each of the events given below:


                                                                Events                                                                                                  Concepts

 A.           Counted unused supplies at the end of the period and valued them in U.S. dollars.         

B.            Valued an asset at the amount paid to acquire it, even though its market value has increased considerably.        

C.            Analyzed the financial statements to assess the company\'s performance.           

D.            Established an accounting policy that sales revenue shall be recognized only when services have been provided to the customer.  

E.            Prepared and distributed financial statements that provide useful financial information for creditors and investors.               

 F.           Established a policy not to include in the financial statements the personal financial affairs of the owners of the business.            

G.           Used the same accounting policies over several years to facilitate analysis.          

H.            Established policies to report the company’s business activities in a way that depicts their economic substance.

I.             Adjusted the rent accounts to show the cost of rent used up in the current period.        

J.             Acquired a vehicle for use in the business, reporting it at the agreed-upon purchase price rather than its higher sticker price.

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