...discussed in this chapter.? Presented below are the assumptions, principles, and constraints discussed in this chapter.
1. Economic entity assumption
2. Going concern assumption
3. Monetary unit assumption
4. Time period assumption
5. Cost principle
6. Matching principle
7. Full disclosure principle
8. Revenue recognition principle
9. Materiality
10. Conservation
Which number 1-10 goes with the following (each Number can be used only once)
(a) the rationale for why plant assets are ot reported at liquidation value. (do not use historical cost principle)
(b) indicates that personal and business record-keeping should be separately maintained
(c) ensures that all relevant financial information is reported
(d) assumes that the dollar is the "measuring stick" used to report on financial performance
(e) requires that the operational guidelines be followed for all significant items
(f) separates financial information into time periods for reporting purposes
(g) requires recognition of expenses in the same period as related revenues
(h) indicates that market value changes subsequent to purchase are not recorded in the accounts
Please Help!
1. Economic entity assumption
2. Going concern assumption
3. Monetary unit assumption
4. Time period assumption
5. Cost principle
6. Matching principle
7. Full disclosure principle
8. Revenue recognition principle
9. Materiality
10. Conservation
Which number 1-10 goes with the following (each Number can be used only once)
(a) the rationale for why plant assets are ot reported at liquidation value. (do not use historical cost principle)
(b) indicates that personal and business record-keeping should be separately maintained
(c) ensures that all relevant financial information is reported
(d) assumes that the dollar is the "measuring stick" used to report on financial performance
(e) requires that the operational guidelines be followed for all significant items
(f) separates financial information into time periods for reporting purposes
(g) requires recognition of expenses in the same period as related revenues
(h) indicates that market value changes subsequent to purchase are not recorded in the accounts
Please Help!