Fundamentals of Accouting Question

Fundamentals of Accouting Question

ntroduction Accounting conventions represent the principles, assumptions, and rules that guide an accountant as he or she analyzes the effects of business events on the accounting cycle and applies them to various cycle procedures. This assignment requires you to identify which of these conventions apply to a given business scenario to enhance your understanding of the foundation of accounting procedures and processes. Instructions For this assignment, use worksheet u01a3 on the BUS3061 Unit 1 Excel Workbook Template (listed under Resources). Identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Please explain your choices for each scenario.

Scenario 1: The Acme Company is undergoing a reorganization to improve its financial structure. As part of this process, the company is considering lowering its expense calculations to improve the bottom line net income.

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