1. Lower of cost or market is used to value inventories. 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 2. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation and hard rock cafe operating result and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) 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
1. Lower of cost or market is used to value inventories. 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 2. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation and hard rock cafe operating result and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. Lower of cost or market is used to value inventories.
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
2. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation and hard rock cafe operating result and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure)
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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