State the Most Applicable Accounting Rule for Each of the Following

question 17

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.A $15 wastebasket was expensed when purchased even though it will be used for more than one year.
2.The owner of the business paid for private school tuition and did not list the amount on the books of his business.
3.Team Shirts prepares financial statements in the same manner each year.
4.South Sea's financial statements are prepared within the first week after the close of each accounting period.
5.An external auditor found receipts documenting the purchase of a computerized information system for Team Shirts.

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Definitions:

Law Enforcement

The system of organizations and individuals (such as police) empowered to uphold and enforce the laws and public order.

Involuntary Commitment

A legal process through which individuals with severe mental illness are court-mandated to receive treatment in a psychiatric hospital or facility.

Psychiatric Care

Medical and therapeutic treatment for individuals with mental health disorders to improve or maintain their psychological state.

Self And Others

The understanding and distinction between one's own identity, thoughts, and feelings, and those of other people, crucial for interpersonal relations and empathy.