identifying accounting principles and
assumptions(verified for accuracy)
usually created by a pronouncement from an authoritative body - answer E. Specific accounting
principle
financial statements reflect the assumption that the business generally accepted accounting
practices - answer G. Going-concern assumption
Derived from long used and generally accepted accounting practices - answer A. General
accounting principle
Every business is accounted for separately from its owners or owner - answer C. Business entity
assumption
Revenue is recorded only when the earnings process is complete - answer D. Revenue
recognition principle
Information is based on actual costs incurred in transactions - answer B. Cost principle
A company reports details behind financial statements that would impact users decisions -
answer F. Full disclosure principle
A company records the expenses incurred to generate the revenues reported - answer H.
Matching principle
assumptions(verified for accuracy)
usually created by a pronouncement from an authoritative body - answer E. Specific accounting
principle
financial statements reflect the assumption that the business generally accepted accounting
practices - answer G. Going-concern assumption
Derived from long used and generally accepted accounting practices - answer A. General
accounting principle
Every business is accounted for separately from its owners or owner - answer C. Business entity
assumption
Revenue is recorded only when the earnings process is complete - answer D. Revenue
recognition principle
Information is based on actual costs incurred in transactions - answer B. Cost principle
A company reports details behind financial statements that would impact users decisions -
answer F. Full disclosure principle
A company records the expenses incurred to generate the revenues reported - answer H.
Matching principle
