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Answer fast without explain Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the better of each with the appropriate statement. Don't
Answer fast without explain
Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the better of each with the appropriate statement. Don't use a letter more than once. N. v Characteristic that permits users to identify similarities in and differences between two sets of economic phenomena, A Monetary unit assumption 1. Information that is capable of making a difference in the decision B. Expense recognition principle of users in their capacity as capital providers c. Periodicity assumption The basic assumption/principle that makes depreciation and D. Full disclosure principle amortization policies justifiable and appropriate E Timeliness A company provides supplementary information to explain the effects of financing arrangements. 6. Revenue recognition principle The principle/assumption that implies that officers' salaries are Understandability most often charged to the current period and not carried into future periods. H. Cost principle K v Characteristic that assures users that information represents the Going concern assumption economic phenomena that it intends to represent. J. Relevance G Characteristic that allows users to comprehend the meaning of X Faithful representation the information L. Verifiability M. The principle/assumption that implies that economic activity can be identified with a particular unit of accountability M. Economic entity assumption The principle/assumption that is applied when a company N. Comparability reports land on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater 8AFA D ENG 6:27 PM 11/2470 Step by Step Solution
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