Business, 02.09.2020 01:01 strongl3219

Match each of the following scenarios with the accounting principle or accounting assumption that it best illustrates. a. Several years after Thomas Company purchased new office equipment, the company’s accounting records still show the original purchase price. b. The home of Rob Elliot, the owner of GGE Enterprises Inc., is not listed among the company’s assets. c. Despite several years of falling sales, Thomas Company continues to forecast sales and make strategic plans to raise revenues and cut expenses. d. Thomas records expenses incurred to produce the sales for the month. e. GGE Enterprises records a deposit received from a customer for work to be performed later in the month. The customer is billed for the remaining amount after the work is complete, and the customer’s payment is recorded. f. Thomas Company provides earnings information to investors at the end of every quarter. g. The accounting records of Thomas Company are in dollars, not euros, although the Ohio-based company is owned by a German firm.

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