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Identifying accounting principles and assumptions
-Match each of the numbered descriptions with the principle or assumption
A.Cost principle
B.Matching principle
C.Specific accounting principle
D.Full discosure principle
E.General accounting principle
F.Business entity assumption
G.Revenue recognition principle
H.Going-concern assumption
1. Revenue is recorded only when the earnings process is complete
2. Information is based on actual costs incurred in transactions
3. Usually created by a pronounment from an authoritative body
4. Financial statements reflect the assumption that the business continues operating
5. A company reports details behind financial statements that would impact users'decision
6. A company records the expense incurred to generate the revenues reported
7. Derived from long used and generally accepted accounting practises
8. Every business is accounted for separated from its owner or owners
Identifying accounting principles and assumptions
-Match each of the numbered descriptions with the principle or assumption
A.Cost principle
B.Matching principle
C.Specific accounting principle
D.Full discosure principle
E.General accounting principle
F.Business entity assumption
G.Revenue recognition principle
H.Going-concern assumption
1. Revenue is recorded only when the earnings process is complete
2. Information is based on actual costs incurred in transactions
3. Usually created by a pronounment from an authoritative body
4. Financial statements reflect the assumption that the business continues operating
5. A company reports details behind financial statements that would impact users'decision
6. A company records the expense incurred to generate the revenues reported
7. Derived from long used and generally accepted accounting practises
8. Every business is accounted for separated from its owner or owners
