Each of the following statements violates a concept or convention of accounting.Write the letter in the blank next to each statement corresponding to the concept or convention violated.
_____ 1.A note to the financial statements indicating a change in inventory methods is omitted.
_____ 2.When management is unsure of which estimates to use in a given situation,the estimate resulting in the largest net income is always used.
_____ 3.In 20x5,a company uses straight-line depreciation and in 20x6 the company uses declining-balance depreciation.
_____ 4.A small company expenses all expenditures under $10,000.
_____ 5.A small company purchases a $50,000 computer to save $3,000 per year in bookkeeping wages.
Definitions:
Prison-Management Tool
Technologies or methodologies adopted in correctional facilities to maintain order, enhance security, and improve rehabilitation outcomes.
Social Profile
An individual's distinctive character or qualities as perceived or presented in social contexts or platforms.
Child Molester
An individual who sexually abuses or exploits children.
Gentleness
The quality of being kind, tender, or mild-mannered.
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