E$2\mathrm{.}17($LO $3),$ K Presented below are the assumptions and principles discussed in this chapter.

Full disclosure principle

Periodicity assumption

Going concern assumption

Historical cost principle

Monetary unit assumption

Economic entity assumption

Instructions

Identify by number the accounting assumption or principle that is described below. Do not use a number

more than once.

a$.$ Belief that a company will remain in business for the foreseeable future. $($Note: Do not use

the historical cost principle.$)$

b$.$ Indicates that personal and business recordkeeping should be separately maintained.

: Only those things that can be expressed in money are included in the accounting records.

d$.$ Separates financial information into time periods for reporting purposes.

e$.$ Measurement basis used when a reliable estimate of fair value is not available.

f$.$ Dictates that companies should disclose sufficient details regarding circumstances and

events that would make a difference to financial statement users.