Accounting Environment Assumptions Principles Framework

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Accounting - Accounting Principles

familybarrgk Created by 5 mon ago

Cards in this deck(10)

Which accounting assumption implies a business will continue operating indefinitely?

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What principle requires expenses to be matched with revenues in the period they are incurred?

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Which concept allows businesses to assume that currency remains stable over time?

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What is the primary goal of the conceptual framework in accounting?

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Which principle dictates that financial statements must include all information necessary to make them complete?

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Under which assumption is the economic activity of a business separated from its owners?

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Which principle emphasizes using the same accounting methods over time?

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What is the role of the 'qualitative characteristics' in the conceptual framework?

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Which assumption divides the life of a business into artificial time periods?

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What principle requires that financial information be free from bias?

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