Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Match the statements below with the items below: a) Economic entity assumption Time period Assumption c.) Full Disclosure principle d.) Cost principle c.) Revenue recognition
Match the statements below with the items below: a) Economic entity assumption Time period Assumption c.) Full Disclosure principle d.) Cost principle c.) Revenue recognition principle E) Monetary unit assumption g-yGoing concern assumption h.) Matching principle j-) Reliability A company uses the same accounting methods from year to year The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year The assumption that the unit of measure remains relatively constant over time The activities of a company are kept separate and distinct from activities of the owner and all other companies. The assumption that the enterprises will continue n operations long enough to carry out its existing objectives Requires that circumstances and events that make a difference to financial statement users be reported Dictates that revenue should be recognized in the accounting period in which it is earned. Assets should be recorded at the price paid at the date of acquisition Expenses are deducted from revenues in the period in which efforts are made to generate revenues
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