answers to 1-8 1-7 g accounting sand assumptions A. General accounting principle

Question

answers to 1-8

1-7 g accounting sand assumptions A. General accounting principle Enter the letter A through H for the principle or assumption in the blank space next to each numbered de- scription that it best reflects. B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Matching (expense recognition) principle G. Going-concern assumption H. Full disclosure principle 1. A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating 3. A company records the expenses incurred to generate the revenues reported. 4. Derived from long-used and generally accepted accounting practices. The of M 5. Each business is accounted for separately from its owner or owners 6. Revenue is recorded when products and services are delivered. 7. Usually created by a pronouncement from an authoritative body. 8. Information is based on actual costs incurred in transactions

Explanation / Answer

1. H. Full disclosure principle

2. G. Going-concern assumption

3. F. Matching principle

4. A. General accounting principle

5. C. Business entity assumption

6. D. Revenue recognition principlE

7. E. Specific accounting principle

8. B. Cost principle

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