Intermediate Accounting Exam 1- Assumptions, Principles and Constraints with Complete Solutions
Intermediate Accounting Exam 1- Assumptions, Principles and Constraints with Complete Solutions Intermediate Accounting Exam 1- Assumptions, Principles and Constraints with Complete Solutions Intermediate Accounting Exam 1- Assumptions, Principles and Constraints with Complete Solutions Revenue should be recognized when the performance obligation is satisfied, which is usually when the sale has been made and the product delivered to the customer - ANSWER-revenue recognition principle 4 basic assumptions - ANSWER-1. economic entity 2. going concern 3. monetary unit 4. periodicity 4 enhancing qualities - ANSWER-1. comparability 2. verifiability 3. timeliness 4. understandability economic entity - ANSWER-economic activity can be identified with a particular unit of accountability
Written for
- Institution
- Intermediate Accounting
- Course
- Intermediate Accounting
Document information
- Uploaded on
- February 6, 2024
- Number of pages
- 3
- Written in
- 2023/2024
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
-
intermediate accounting exam 1 assumptions princ
-
intermediate accounting exam 1 stuvia
-
revenue should be recognized when the performance
-
4 basic assumptions answer 1 economic entity 2
Also available in package deal
