answers to 1-8 1-7 g accounting sand assumptions A. General accounting principle

Question

answers to 1-8

1-7 g accounting sand assumptions A. General accounting principle Enter the letter A through H for the principle or assumption in the blank space next to each numbered de- scription that it best reflects. B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Matching (expense recognition) principle G. Going-concern assumption H. Full disclosure principle 1. A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating 3. A company records the expenses incurred to generate the revenues reported. 4. Derived from long-used and generally accepted accounting practices. The of M 5. Each business is accounted for separately from its owner or owners 6. Revenue is recorded when products and services are delivered. 7. Usually created by a pronouncement from an authoritative body. 8. Information is based on actual costs incurred in transactions

Explanation / Answer

1. H. Full disclosure principle

2. G. Going-concern assumption

3. F. Matching principle

4. A. General accounting principle

5. C. Business entity assumption

6. D. Revenue recognition principlE

7. E. Specific accounting principle

8. B. Cost principle

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---