77. Which one of the following is not a generally accepted accounting principle: A.Sales, revenues and incomes should not be anticipated or materially overstated B.There must be proper cut off accounting for inventories and liabilities for costs and expenses c.Non-recurring and extraordinary gains and losses should be recognised in the period they accrue, but should be shown separately from the usual operations D. Long-term investments in securities should ordinarily be carried at market quotations.

77. Which one of the following is not a generally accepted accounting principle: A.Sales, revenues and incomes should not be anticipated or materially overstated B.There must be proper cut off accounting for inventories and liabilities for costs and expenses c.Non-recurring and extraordinary gains and losses should be recognised in the period they accrue, but should be shown separately from the usual operations D. Long-term investments in securities should ordinarily be carried at market quotations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

77. Which one of the following is not a generally accepted accounting principle: A.Sales, revenues and incomes should not be anticipated or materially overstated B.There must be proper cut off
accounting for inventories and liabilities for costs and expenses c.Non-recurring and extraordinary gains and losses should be recognised in the period they accrue, but should be shown separately
from the usual operations D. Long-term investments in securities should ordinarily be carried at market quotations

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