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:
Internship
An opportunity usually provided to students or newcomers in a profession to gain practical experience and training in their field of study or interest.
Grunt Work
Tasks that are repetitive, menial, or tiresome, but necessary for the completion of a project or objective.
High Quality Internship
An internship experience that provides meaningful, practical work experience, and learning opportunities in a professional setting.
Organizational Meaning
The shared understanding and significance of a company's purpose, values, and work among its members.
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