Question: Write short notes on the following accounting principles with proper example: (18) a) Cost Principle b) Economic Entity Assumption c) Monetary Unit Assumption d) Going

    • Write short notes on the following accounting principles with proper example: (18) 
    • a) Cost Principle 
    • b) Economic Entity Assumption 
    • c) Monetary Unit Assumption 
    • d) Going Concern 
    • e) Periodicity
    •  f) Revenue Recognition Principle 
    • g) Matching Concept
    •  h) Accrual Basis of Accounting
    •  i) Dual Aspect of Accounting.


Step by Step Solution

★★★★★

3.38 Rating (148 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Answer A Cost principle The cost principle is an accounting principle that records assets at their r... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Dona Ridge started her business (Dona Car Repairing Shop) on January 1, 2018. During the first month of its operations, the business engaged in the following transactions: Date Transactions Jan 1 Jan...

Q:

1. Ms. Anna started her business (Anna Car Repairing Shop) on January 1, 2018. During the first month of its operations, the business engaged in the following transactions: Date Transactions Date...

Q:

1. Dona Ridge started her business (Dona Car Repairing Shop) on January 1, 2018. During the first month of its operations, the business engaged in the following transactions: Date Transactions Jan 1...

Q:

How would you describe, in one sentence, each of the following accounting principles, concepts and constraints? Accounting entity Accounting period Monetary unit Cost-benefit Going concern...

Q:

Examine the principles of ethical conduct in your own words.QUESTION SIX Write short notes on the following: 6.1 Market Actionsand Mandated Actions 6.2 Theories of Business Ethics 6.3 Negligence6.4 2...

Q:

Basic accounting Write short notes on the following: 1. The elements of the Accounting Equation 2. Bad debts and provision for doubtful debts 3. Depreciation charge and Provision for Depreciation 4....

Q:

Write short notes on the following : (a) Non-performing assets; (b) Acceptances and Endorsement; (c) Loss Assets.

Q:

Write short notes on the following topics: Content validity Criterion validity Construct validity Testretest reliability Equivalent forms reliability Internal consistency reliability

Q:

7. Write short notes on the following: The human moment at work Blogs as tools for organizational communications Mental filters How to make others listen to you

Q:

Write short notes on the following:

Q:

Problems 1. Let A and B be events with P(A) #0 and P(B) 0. If P(A/B) > P(A), prove that P(BA) > P(B). 2. Suppose that we throw two unbiased dice independently. Let A = { sum of the faces = 8} and let...

Q:

DRAW Entity/Relationship Model For the following narrative, draw an ERD diagram which indicates the entities and their attributes (if noted). Identify and label significant relationships between...

Q:

12. Use the eighteen rules of inference to derive the conclusions of the following symbolized arguments. (38) 1. (OR)>S 2. (POR)>-S (39) 1. (LvP) U 2. (MU)>I 3. P (40) 1. A W 2.-Av-W 3. R-A 1-R /I...

Q:

To approximate an actual spark-ignition engine consider an air-standard Otto cycle that has a heat addition of 1800 kJ/kg of air, a compression ratio of 7, and a pressure and temperature at the...

Q:

While emptying a wheelbarrow, a gardener exerts on each handle AB a force P directed along line CD. Knowing that P must have a 30-lb horizontal component, determine (a) The magnitude of the force P,...

Q:

Medical researchers have developed a new artificial heart constructed primarily of titanium and plastic. The heart will last and operate almost indefinitely once it is implanted in the patients body,...

Q:

Capacitance of the Earth (a) Discuss how the concept of capacitance can also be applied to a single conductor. (b) Use Eq. (24.1) to show that C = 4є0R for a solid conducting sphere of radius...

Q:

Determine the terminal voltage of each battery in Fig. 19-44. r= 1.02 E = 18 V R 6.6 2 r= 2.0 2 8 = 12 V

Q:

the question The topic overview quotes the Westminster Shorter Catechism, which states that humanity's primary purpose is to: Select one A. Glorify God and enjoy him forever O B. Glorify God and...

Q:

please solve the question properly. Accounting Assignment (100) 1. Ms. Anna started her business ("Anna Car Repairing Shop") on January 1, 2018. During the first month of its operations, the business...

Q:

1. Ms. Anna started her business ("Anna Car Repairing Shop") on January 1, 2018. During the first month of its operations, the business engaged in the following transactions: Date Jan 1 Jan 2 Jan 3...

Q:

1. Ms. Anna started her business (Anna Car Repairing Shop) on January 1, 2018. During the first month of its operations, the business engaged in the following transactions: Date Transactions Jan 1...

Q:

2. Write short notes on the following accounting principles with proper example: (18) a) Cost Principle b) Economic Entity Assumption c) Monetary Unit Assumption d) Going Concern e) Periodicity f)...

Q:

Write short notes on the following accounting principles with proper example: (18) a) Cost Principle b) Economic Entity Assumption c) Monetary Unit Assumption d) Going Concern e) Periodicity f)...

Q:

2. Write short notes on the following accounting principles with proper example: (18) a) Cost Principle b) Economic Entity Assumption c) Monetary Unit Assumption d) Going Concern e) Periodicity f)...