State the Most Applicable Accounting Rule for Each of the Following

question 74

Essay

State the most applicable accounting rule for each of the following situations.An accounting rule can be a principle,assumption,constraint,or information characteristic.
1.All purchases and expenses are recorded at the amount paid.
2.South Seas records items imported from Tahiti in U.S.dollars.
3.The owner intends to run South Seas for an indefinite period of time.
4.Jem's Jewelers sold a $5,000 diamond engagement ring on account and recorded it as a sale.
5.Inventory purchased last month and sold this month was deducted as a cost on this month's income statement.

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Definitions:

Biological Forces

The natural, physiological drivers behind the growth, behavior, and adaptation of organisms.

Personality

The amalgam of different characteristics that constitute an individual's specific identity.

Creative Power

The innate or developed ability to generate original ideas, solutions, or artistic expressions.

Genetic Factors

Elements within an organism's genes that can influence its traits and characteristics, including physical appearance, behavior, and susceptibility to diseases.