QI Accounting concepts-matching. Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter...

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QI Accounting concepts-matching. Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption Cost principle Revenue recognition principle g. Expense recognition principle h. Full disclosure principle i. j. Faithful representation k. Comparability 1. Consistency Relevance е. f. 1. Notes as part of necessary information to a fair presentation. 2. Affairs of the business distinguished from those of its owners. 3. Business enterprise assumed to have a long life. 4. Valuing assets at amounts originally paid for them. 5. Application of the same accounting principles as in the preceding year. 6. Stable-dollar assumption (do not use historical cost principle). 7. Yearly financial reports. 8. Recording annual depreciation. QI Accounting concepts-matching. Listed below are several qualitative characteristics, accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption Cost principle Revenue recognition principle g. Expense recognition principle h. Full disclosure principle i. j. Faithful representation k. Comparability 1. Consistency Relevance е. f. 1. Notes as part of necessary information to a fair presentation. 2. Affairs of the business distinguished from those of its owners. 3. Business enterprise assumed to have a long life. 4. Valuing assets at amounts originally paid for them. 5. Application of the same accounting principles as in the preceding year. 6. Stable-dollar assumption (do not use historical cost principle). 7. Yearly financial reports. 8. Recording annual depreciation.

Answer rating: 100% (QA)

Answers are as below 1 h Full disclosure ... View the full answer