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Question: Identify which accounting principle or assumption best describes each of the following practices:

a. If $51,000 cash is paid to buy land, the land is reported on the buyer's balance sheet at $51,000.

b. Alissa Kees owns both Sailing Passions and Dockside Supplies. In preparing financial statements for Dockside Supplies, Kees makes sure that the expense transactions of Sailing Passions are kept separate from Dockside's transactions and financial statements.

c. In December 2010, Ace Landscaping received a customer's order and cash prepayment to install sod at a new house that would not be ready for installation until March 2011. Ace should record the revenue from the customer order in March 2011, not in December 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336619

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