Name PARTI (15 points) Presented below are recognition, measurement concepts. an

Question

Name PARTI (15 points) Presented below are recognition, measurement concepts. and disclosure 1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Periodicity assumption 5. Measurement principle (historical cost) 10. Cost constraint 6. Measurement principle (fair value) 7. Expense recognition principle 8. Revenue recognition principle 9. Full disclosure principle REQUIRED Identify by number (from the list above] the accounting assumption, rinciple or constraint that describes or justifies the use of each situation number may be used more than once, if appropriate.) below. (A [al Indicates that personal and business record keeping should be separately maintained [b) Assumes that the dollar is the "measuring stick" used to report on financial (c] [d] [e] Indicates that fair value changes subsequent to purchase are not recorded performance. Allocates expenses to revenues in the proper period. Separates financial information into time periods for reporting purposes. - in the accounts. (Do not use revenue recognition principle.) [f] Ensures that all relevant financial information is reported. gl Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) [h] Goodwill is not recorded unless it is purchased. Performance obligations are identified and recorded when fulfilled. - U] waste paper baskets are expensed when purchased.

Explanation / Answer

A) Economic Entity Concept

B) Monetary measurementconcept

C) Expense Recongition concept

D) Periodicity concept

E) Measurement concept (Histroical Cost)

F) Full Disclosure Principle

G) Cost Constraint

H) Measurement Principle (Fair Value)

I) Revenue Recongnition

J) Full Disclosure Concept

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