Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a
Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once) a. Economic entity Assumption b. Going Concern Assumption c. Monetary Unit Assumption d. Periodicity Assumption e. Historical Cost principle f. Revenue Recognition principle g. Expense Recognition principle h. Full disclosure principle i. Relevance j. Faithful representation k. Comparability Phrases are as follows 1. Stable-dollar assumption 2. Key factor is when the performance obligation is satisfied 3. Presentation of error free information 4. Yearly financial reports 5. Recording annual depreciation 6. Useful standard measuring unit for business transactions 7. Notes as part of necessary information to a fair presentation 8. Affairs of the business distinguished from those of its owners 9. Business enterprise assumed to have a long life 10. Valuing assets at amounts originally paid for them
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started