Acct 211 Quiz #1 questions with correct answers graded A+

Acct 211 Quiz #1 questions with correct answers graded A+Measurement Principle - correct answer (also called the cost principle) means that accounting information is based on actual cost Revenue Recognition Principle - correct answer Provides guidance on when a company must recognize revenue Matching Principle (expense recognition) - correct answer Prescribes that a company must record its expenses incurred to generate the revenue Full disclosure principle - correct answer Requires a company to report the details behind financial statements that would impact a users decisions Going-concern assumption - correct answer means that accounting information reflects a presumption the business will continue operating Monetary unit assumption - correct answer means we can express transactions in money Time Period Assumption - correct answer presumes that the life of a company can be divided into time periods, such as months and years Business Entity Assumption - correct answer means that a business is accounted for separately from it's owner or other business entities Do sole proprietorship and partnership have unlimited liability? - correct answer Yes Revenue-expenses-dividends= retained earnings - correct answer True