Question: (LO 6. E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints used in this chapter. 7,8) 1. Economic entity assumption

(LO 6. E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions,

(LO 6. E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints used in this chapter. 7,8) 1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption. 5. Historical cost principle 6. Matching principle 7. Full disclosure principle 8. Cost-benefit relationship 9. Materiality 10. Industry practices 11. Conservatism

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