The president of your firm, Lesky and Lesky, has little background in accounting. Today, he walked into your office and said, “A year ago we bought a piece of land for$100,000. This year, inflation has driven prices up by 6%, and an appraiser just told us we could easily resell the land for $115,000. Yet our balance sheet still shows it at $100,000. It should be valued at $115,000. That’s what it’s worth. Or, at a minimum, at $106,000. ” Respond to this statement with specific reference to the accounting principles applicable in this situation.
Q 1-4
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Get Help Now!- Identify the accounting principle(s) applicable to each of the following situations:
Q 1-13 An arbitrary write-off of inventory can be justified under the conservatism concept. Is this statement true or false? Discuss.
Q 1-14 Inventory that has a market value below the historical cost should be written down in order to recognize a loss. Comment.
Q 1-15 There are other acceptable methods of recognizing revenue when the point of sale is not acceptable. List and discuss the other methods reviewed in this chapter, and indicate when they can be used.
Chapter 2: P 2-1, P 2-6, P 2-9
Chapter 3: P 3-7, P 3-9, Case 3-1.
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