Soal TM 2 Pertemuan 3
Soal-soal
Accounting Principles
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Petunjuk Pengerjaan Tugas Mandiri
Soal Tugas Mandiri (TM) dikerjakan secara berkelompok,
di tulis tangan pada kertas double folio dengan
rapi.Kelompok terdiri atas maksimal 3 orang anggota.
Dikumpulkan pada awal kuliah minggu/pertemuan
berikutnya.
Jawaban Soal TM yang sama, oleh mahasiswa secara
perorangan (individual) harus di “up load” pada forum
diskusi di binusmaya (LMS), pada kolom tugas. Up load
haryus sudah dilakukan paling lambat 7 hari setelah
pertemuan yang dimaksudkan.
Bila anda mengerjakan salah satunya saja atau tidak
keduanya maka anda dianggap tidak mengumpulkan TM
pada pertemuan yang dimaksudkan.
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SOAL TUGAS MANDIRI 3
E 12-1 A number of accounting reporting situation are described below.
1. Church Company is in its fifth year of aperation and has yet to issue financial statements. (Do
not use full disclosure principle.)
2. Leask Company has inventory on hand that cost $400,000. Leask reports inventory on its
balance sheet at its current market value of $425,000.
3. Ann Zareena, president of Always Music Company, bought a computer for her personal use.
She paid for the computer by using company funds and debited the “computers” account.
4. Mull Company recognizes revenue at the end of the production cycle, but before sale. The price
og the product, as well as the amount that can be sold, is not certain.
5. In the preparing its finantial statements, Rupe Company omitted information conce rning its
method of accounting for inventories.
6. Martinez Company uses the direct write-off method of accounting for uncollectible accounts.
7. McKane Hospital Supply Corporation reports only current assets and current liabilities on its
balance sheet. Property, plant, and equipment are reported as current assets. Bonds payable
are reported as current liablities. Liquidation of the company is unlikely.
Instructions
For each of the above, list the assumption, principle, or constraint that has been violated, if any.
List only one tern for each case.
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SOAL TUGAS MANDIRI 3
E 12-3
chapter:
Presented below are the assumptions, principles and constraints discussed in this
1. Economic entity assumption
6. Matching principle
2. Going concern assumption
7. Full disclosure principle
3. Monetary unit assumption
4. Time period assumption
8. Revenue recognition principle
9. Materiality
5. Cost principle
10. Conservatism
Instructions
Identify by number the accounting assumption, principle, or constraint that describes each situation
below. Do not use a number more than once.
a. Requires recognition of expenses in the same period as related revenues.
b. Indicates that market value changes subsequent to purchase are not recorded in the accounts.
c. Is the rationale for why plant assets are not reported at liquidation value. (Do not use historical
cost principle.)
d. Indicates that personal and business record keeping should be separatelt maintained.
e. Ensures that all relevant financial information is reported.
f.
Assumes that the dollar is the “measuring stick” used to report on financial performance.
g. Requires that the operational guidelines be followed for all significant items.
h. Separates financial information into time periods for reporting purposes.
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SOAL TUGAS MANDIRI 3
E 12-5
Ruiz Construction Company currently has one long-term construction project. The has a
contract price of $140,000,000, with total estimated costs of $100,000,000. Ruiz appropriately uses
the percentage-of-completion method. After 2 years of construction, the following costs have been
accumulated.
Actual cost incurred, Year 1
Total estimated cost remaining after Year 1
Actual cost tncurred, Year 2
Total estimated cost remaining after Year 2
$30,000,000
70,000,000
50,000,000
20,000,000
Instructions
Determine the gross profit for each of the first 2 years of the construction contract.
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