Indicate the accounting assumption/principle that applies to the following practices: a) Amazon recognizes revenue from product sales when products are shipped and title passes to customers. _____ b) The Parker Corporation does not adjust the valuation of assets and liabilities to reflect changes in the purchasing power of the dollar. _______ c) When WalMart reports its inventory, it does not separately report total inventory in each of its stores separately. _______
Solution 5 (a) Amazon recognizes revenue from the product sales when products are shipped and title passes to customers. The concept used here is revenue recognization concept which states that the revenue should be recognized when it is actually realized.
Solution 5 (b) The Parker corporation does not adjust the valuation of assets and liabilities to reflect changes in the purchasing power of the dollar. The concept used here is cost concept which states that all assets and liabilities should be recorded on cost as market fluctuation should not be shown on the balance sheet as business is going concern.
Solution 5 (c) When WalMart reports its inventory, it does not separately report total inventory in each of its stores separately. The principle used here is Materiality principle.
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