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Chapter 2 Answers

The document contains solutions to accounting problems including multiple choice questions and true/false questions. It appears to be classwork or homework from an accounting course.

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Bianca Lizardo
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28 views

Chapter 2 Answers

The document contains solutions to accounting problems including multiple choice questions and true/false questions. It appears to be classwork or homework from an accounting course.

Uploaded by

Bianca Lizardo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Bianca Regina Lizardo Mr.

Tadiwan
BS Accountancy

Chapter 2
Problem 1:
1. F – All changes
2. F – Qualitative characteristics, apply only to the financial information
3. F – Cost is an important consideration
4. T
5. F – Apply only to items that are recognized
6. T
7. F – Should judge an item’s materiality only on its own and not in combination
8. F – Specify
9. T
10. F – Concerned with the provision, both external user and internal users

Problem 2:
1. F – Automatically result to changes
2. T
3. F - Legal enforceability of a right, is necessary for control over an economic
resource
4. T
5. T
6. T
7. T
8. F – Asset at historical cost will always result, carrying amount, from period to
period
9. T
10. T

Problem 3:
1. C
2. A
3. A
4. D
5. D
6. C
7. D
8. A
9. C
10. A
11. D
12. A
13. B
14. C
15. B

Problem 4:
1. A
2. C
3. A
4. D
5. C
6. D
7. D
8. B
9. A
10. A

Problem 5:
1. D
2. D
3. C
4. D
5. C
6. A
7. B
8. D
9. A
10. B
11. D
12. A
13. C
14. A
15. D
16. D
17. D
18. C
19. D
20. D
21. C
22. C
23. D
24. A
25. A

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