Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kindly answer all please. I will thumbs up if you do Part 3. Match the following words with their definition: A. Accrual Accounting D. Disclosure

image text in transcribedKindly answer all please. I will thumbs up if you do

Part 3. Match the following words with their definition: A. Accrual Accounting D. Disclosure principle principle E. Going concern principle B. Conservatism principle F. Matching principle C. Cost principle G. Materiality principle H. Monetary unit principle I. Time period principle J. Objective principle 11. A barber who performs services for a client should record revenue. 12. A company that purchases furniture should record it at its acquisition price. 13. A Philippine company should report financial statements in pesos. 14. All relevant information should be included in the financial reports 15. All transactions should be supported by unbiased evidence. 16. Assume that the company will continue indefinitely. 17. Expenses should be recorded in the period when the revenue is generated. 18. In case of doubt, assets and income should not be overstated. 19. Minimal costs incurred should be recorded as an expense. 20. Statement of Financial position should be recorded as of December 31, 2021

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

Students also viewed these Accounting questions

Question

Carry out an interview and review its success.

Answered: 1 week ago