A customer pays a Canadian company $8,420 in US dollars for services provided. The accountant records an increase to cash of CAD$8,420 and an increase in revenue of CAD$8,420. Which of the following is true?
Question 13 options:
| | | a) | Separate entity - violated |
|
| | | b) | Unit-of-Measure - violated |
|
| | | c) | Time period (Periodicity) - violated |
|
| | | d) | Full disclosure - followed |
|
| | | e) | Historical cost - followed |
|
A customer pays a Canadian company $8,420 in US dollars for services provided. The accountant records an increase to cash of CAD$8,420 and an increase in revenue of CAD$8,420. Which of the following is true?
Question 13 options:
| | | a) | Separate entity - violated |
|
| | | b) | Unit-of-Measure - violated |
|
| | | c) | Time period (Periodicity) - violated |
|
| | | d) | Full disclosure - followed |
|
| | | e) | Historical cost - followed |
|
