Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Identify which assumption, concept, principles or qualitative characteristic best describe the following: 1. ST Enterprise provides for doubtful debts annually. 2. Phuc An Ltd reports

image text in transcribed

Identify which assumption, concept, principles or qualitative characteristic best describe the following: 1. ST Enterprise provides for doubtful debts annually. 2. Phuc An Ltd reports revenue when it is earned instead of when the cash is received. 3. Phuc Anh Enterprise prepares its financial statements every 12 months. 4. ABC values its inventory on First-in-First-out (FIFO) basic since its began operation. 5. The company will continue on long enough to carry out its objectives and commitments. 6. XYZ Enterprise ensures that personal and business record keepings are kept separately. 7. Hong Ha Enterprise provides for depreciation on all its non-current assets (except land). 8. Hieu Minh Company recognizes all expenses when they incur as the current year's expenses even if it had not paid for all of them. Those not paid are shown as liability. 9. Hoang Minh Ltd issues its quarterly financial statements immediately after each quarter ends. 10. Thien Viet Ltd expenses the costs of wastepaper baskets in the year when they are used

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A One Year Accounting Course

Authors: Trevor Gambling

21st Edition

0080130275, 9780080130279

More Books

Students also viewed these Accounting questions