Question
Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree
Select 1) whether you agree or disagree with the action taken as described in the scenario and 2) the most fitting reason why you agree or disagree.
Nick Industries is a family run business. In 2021, the family starts a new, separate company, Clint Enterprises. In December 2021, Nick Industries reports the expenses of Clint enterprises on its balance sheet.
1)
a. I agree
b. I disagree
2)
Neutrality
Relevance
Faithful representation
Expense recognition principle
Revenue recognition principle
Periodicity
Monetary unit
Verifiability
Full disclosure
Going concern
Comparability
Timeliness
Understandability
Conservatism
Economic entity
Consistency
Historical cost
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