iPad 5:09 PM Weygandt, Financial Accounting, 9e Home Read, Study&Practice Exercise 3-20 The following are characteristics, assumpcions, prinoples, or constraints that guide the FAS8 when it creates accounting Exercise 3-6 Faithful representation Monetary unit assumption Economic entity assumption Expense recognition principle Time period assumption Going concern assumption Revlew Score Review Results by Study Historical cost principle Full disclosure principle Match each item above with a description below. Ability to easily evaluate one company's results relative to anothers Belief that a company will continue to operate for the fereseeable future. The judgment concerning whether an item's size is large enough to matter to 2. 3. The reporting of all information that would make a difference to financial statement users 5 The practice of preparing financial statements at regular intervals The quality of information that indicates the information makes a dfference in a decision A belief that tems should be reported on the balance sheet at the price that was paid to acquire the item A company's use of the same accounting principles and methods from year to 8. Tracing accounting events to particular companies The desire to minimize bias in financial statements Reporting only those things that can be measured in monetary units Dictates that efforts(expenses) be matched with results (revenues). 10. 12. Question Attempts: 0 of 3 used SAVE ro LATER