$4$

A$2-5$ Application of Principles $($LO $2-4,2-5,2-6,2-7,2-8)$

$10$

The following list of statements poses conconphiar issies:

point

Required:

tand $2$ Indicate whether teech statement is comect or incocreat and identify the principleisi positnd

etion

Reterences

$\backslash$table$[[,$Issoe,Correctness:,$],[a,,$Correct,$],[$b$,$A transaction is always resorded in such a way as to relker in bigal form,conet.,$],[$c$.,,$Comect,$],[$d$,$Al delails of tranaactians must be ditclased in the noles a the fnancial statements.,incarrect,$],[$e$.,$The lower of cust$-$and$-$ret realicable yalue method must to wand on yaung nivertores,Carrect,$],[$f$.,$The cosi penciple relates anily ta the income statenthe,Inearert.,$],[g,$Revenue should be recognized anty when cast is moeved,Canrect,$],[$n:$,$Accruals and defetids are necessany hecause of the separale entiny assumplan,Coned,$],[$i$.,$Fevenue shauld be recognoed as late is posstie and expenses as eath as posstle.,Comet,$]]$