The personal assets of the owner of a company will not appear on the company's balance sheet because of which principle/guideline?

Select one:

a. Cost

b. Economic Entity

c. Monetary Unit

Which principle/guideline requires a company's balance sheet to report its land at the amount the company paid to acquire the land, even if the land could be sold today at a significantly higher amount?

Select one:

a. Monetary Unit

b. Cost

c. Economic Entity

Which principle/guideline allows a company to ignore the change in the purchasing power of the dollar over time?

Select one:

a. Economic Entity

b. Cost

c. Monetary Unit

Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?

Select one:

a. Economic Entity

b. Full Disclosure

c. Conservatism

Which principle/guideline justifies a company violating an accounting principle because the amounts are immaterial?

Select one:

a. Conservatism

b. Full Disclosure

c. Materiality

Answer rating: 100% (QA)

The detailed answer for the above question is provided below 1 The personal assets of the owner not ... View the full answer