6 Points mptions. Match the letter of each with the appropriate statement. Don't use a letter...

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6 Points mptions. Match the letter of each with the appropriate statement. Don't use a letter below are several qualitative characteristics, accounting principles and more than once. A. Comparability B. Timeliness C. Relevance D. Understandability E. Verifiability 1) Raya Co. does not issue its first-quarter financial report until after the second quarter's results are reported. Which qualitative characteristic of accounting is not followed? (Do not use relevance) Answer Letter: F. Economic entity assumption G. Monetary unit assumption H. Accrual basis assumption Expense recognition principle J. Full disclosure principle 2) Accounts receivable are recorded for sales on account rather than waiting until cash is received. Which assumption or principle justifies this practice? Answer Letter: 3) Which accounting principle or assumption is being followed when all important aspects of bond indentures are presented in financial statements? Answer Letter: 4) Which accounting principle or assumption is being followed when each enterprise is kept as a unit distinct from its owner or owners? Answer Letter: 5) Two independent auditors count a company's inventory and arrive at the same physical quantity amount for inventory. Which qualitative characteristic is being demonstrated? Answer Letter: B) Briefly explain the difference between comparability and consistency. 6 Points mptions. Match the letter of each with the appropriate statement. Don't use a letter below are several qualitative characteristics, accounting principles and more than once. A. Comparability B. Timeliness C. Relevance D. Understandability E. Verifiability 1) Raya Co. does not issue its first-quarter financial report until after the second quarter's results are reported. Which qualitative characteristic of accounting is not followed? (Do not use relevance) Answer Letter: F. Economic entity assumption G. Monetary unit assumption H. Accrual basis assumption Expense recognition principle J. Full disclosure principle 2) Accounts receivable are recorded for sales on account rather than waiting until cash is received. Which assumption or principle justifies this practice? Answer Letter: 3) Which accounting principle or assumption is being followed when all important aspects of bond indentures are presented in financial statements? Answer Letter: 4) Which accounting principle or assumption is being followed when each enterprise is kept as a unit distinct from its owner or owners? Answer Letter: 5) Two independent auditors count a company's inventory and arrive at the same physical quantity amount for inventory. Which qualitative characteristic is being demonstrated? Answer Letter: B) Briefly explain the difference between comparability and consistency.

Answer rating: 100% (QA)

1 Answer Timeliness Explanations Timeliness means that the usefulness of financial information is enhanced if it is timely That is making information ... View the full answer