Accounting Concepts-Identification. State the Accounting Assumption, Principle, Information Characteristic, or Constraint That

question 145

Essay

Accounting concepts-identification.
State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases.
1. All payments less than $25 are expensed as incurred. (Do not use conservatism.)
2. The company employs the same inventory valuation method from period to period.
3. A patent is capitalized and amortized over the periods benefited.
4. Assuming that dollars today will buy as much as ten years ago.
5. Rent paid in advance is recorded as prepaid rent.
6. Financial statements are prepared each year.
7. All significant post-balance sheet events are reported.
8. Personal transactions of the proprietor are distinguished from business transactions.

---

Definitions:

Neural Networking

Neural Networking refers to artificial neural networks, which are computing systems vaguely inspired by the biological neural networks that constitute animal brains.

Sentience

The capacity to feel, perceive, or experience subjectively, often used in discussions about animal rights and artificial intelligence.

Strong AI

Artificial intelligence that has cognitive functions that mimic a human brain, with the ability to understand, learn, and apply its intelligence to solve any problem.

Expert Systems

Computer applications that use artificial intelligence methods to solve problems within a specific domain that would normally require human expertise.