. A restaurant has traditionally used the straight line method to depreciate all its heavy duty kitchen equipment. This year it decides to start using the double declining balance depreciation method on the same equipment. This change must be announced in the financial statements due to the _______ principle. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constrain
. A restaurant has traditionally used the straight line method to depreciate all its heavy duty kitchen equipment. This year it decides to start using the double declining balance depreciation method on the same equipment. This change must be announced in the financial statements due to the _______ principle. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constrain
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. A restaurant has traditionally used the straight line method to depreciate all its heavy duty kitchen equipment. This year it decides to start using the double declining balance depreciation method on the same equipment. This change must be announced in the financial statements due to the _______ principle.
Choices:
a. Full disclosure principle
b. Time period assumption
c. Materiality constraint
d. Cost Principle
e. Revenue recognition principle
f. Conservatism Constraint
g. Matching principle
h. Economic entity assumption
i. Monetary unit
j. Going concern
k. Some other answers
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