Match each item in the left column with the correct description in the right column. a. Refers
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Match each item in the left column with the correct description in the right column.
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a. Refers to whether or not a particular amount is large enough to affect a decision. 1. Relevance 2. Verifiability 3. Going concern 4. Materiality 5. Monetary unit 6. Representational faithfulness h. The activities of a business are considered to be independent and distinct from those of its owners or from other companies. c. Accounting information should enable users to identify similarities and differences between sets of economic 7. Accounting period 8. Comparability 9. Timeliness 10. Economic entity phenomena. d. Financial reporting information must be available to decision makers before it loses its capacity to influence decisions. e. Infornation is useful if it has the ability to influence decisions. f. Consensus among measures assures that the information is free of error. g. Accounting information should reflect the underlying economic events that it purports to measure. h. The financial reports are presented in one consistent monetary unit, such as U.S. dollars. i. Abusiness is expected to have continuity in that it is expected to continue to operate indelinitely. j. The life of a business can be divided into diseretc accounting periexls such as a year or quarter.
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Related Book For
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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