ACC 557 Week 1 Homework Problems – Strayer NEW

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Chapter 1 Exercise 1-4 Your answer is correct.
The following situations involve accounting principles and assumptions. For each of the three situations, state if the accounting method used is correct or incorrect. If correct, identify which principle or assumption supports the method used. If incorrect, identify which principle or assumption has been violated. Accounting method Principle/Assumption
1. Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Julia reports the buildings at fair value in its accounting repor 2. Dekalb Company includes in its accounting records only transaction data that can be expressed in terms of money. Monetary unit assumption 3. Omar Shariff, president of Omar’s Oasis, records his personal living costs as expenses of the Oasis Exercise 1-7

Collins Computer Timeshare Company entered into the following transactions during May 2014. Describe the effect of each transaction on assets, liabilities, and stockholder's equity.

1. Purchased computer terminals for $20,000 from Digital Equipment on account.
2. Paid $3,000 cash for May rent on storage space.