1. (Learning Objective 2: Applying accounting concepts and principles) Write a short paragraph to…

1. (Learning Objective 2: Applying accounting concepts and principles) Write a short paragraph to explain in your own words the concept of depreciation as used in accounting.

2. (Learning Objective 2: Applying accounting concepts and principles) Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:

a. Salary expense of $20,000 is accrued at the end of the period to measure income properly.

b. October has been a particularly slow month, and the business will have a net loss for the third quarter of the year. Management is considering not following its customary practice of reporting quarterly earnings to the public.

c. A physician performs a surgical operation and bills the patient’s insurance company. It may take 3 months to collect from the insurance company. Should the physician record revenue now or wait until cash is collected?

d. A construction company is building a highway system, and construction will take 3 years. When should the company record the revenue it earns?

e. A utility bill is received on December 30 and will be paid next year. When should the company record utility expense?

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