Question 16 Identify the accounting assumption or principle that is described be

Question

Question 16 Identify the accounting assumption or principle that is described below Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.) Indicates that personal and business record-keeping should be separately maintained Assumes that the dollar is the "measuring stick" used to report on financial performance Separates financial information into time periods for reporting purposes Measurement basis used when a reliable estimate of fair value is not available Dictates that companies should disdose all circumstances and events that make a difference to financial statement users.

Explanation / Answer

a. Going Concern assumption

b. Economic Entity Assumption

c. Monetary Unit Assumption

d. Periodicity Assumption

e. Historical Cost principle

f. Full Disclosure Principle

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