Accounting Principles Questions With 100%
Verified Answers | UPDATED
The materiality principle - ANSWER states that you are allowed to
ignore an accounting standard if the net impact of doing so has such a
small impact on the financial statements that a reader of the financial
statements would not be misled.
The reliability principle - ANSWER is the concept of only recording
those transactions in the accounting system that you can verify are
reliable with objective evidence.
The consistency principle - ANSWER states that, once you adopt an
accounting principle or method, continue to follow it consistently in
future accounting periods.
The full disclosure principle - ANSWER states that you should
include in an entity's financial statements all information that would
affect a reader's understanding of those statements.
The time period principle - ANSWER is the concept that a business
should report the financial results of its
Verified Answers | UPDATED
The materiality principle - ANSWER states that you are allowed to
ignore an accounting standard if the net impact of doing so has such a
small impact on the financial statements that a reader of the financial
statements would not be misled.
The reliability principle - ANSWER is the concept of only recording
those transactions in the accounting system that you can verify are
reliable with objective evidence.
The consistency principle - ANSWER states that, once you adopt an
accounting principle or method, continue to follow it consistently in
future accounting periods.
The full disclosure principle - ANSWER states that you should
include in an entity's financial statements all information that would
affect a reader's understanding of those statements.
The time period principle - ANSWER is the concept that a business
should report the financial results of its
