Which acompany willWhich concept assumescontinue to operate indefinitely?a) Revenue Recognitionb) Going Concernc) Conservatismd) Consistency

Explanation of Going Concern: The going concern assumption is a fundamental accounting principle…

Answered: a company will Which concept assumes…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 20GI

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As per the ________, the entity will remain in operation for the foreseeable future. A. monetary unit assumption B. cost principle C. economic entity concept D. going concern assumption
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Which of the following revenue whose recognition is put off into the future even though payment has been received now? deferred revenue accrued revenue service rvenue sales revenue
Revenue is generally recognised at the point of sale. Which principal is applied a. Consistency b. Matching c. Revenue recognition / Realisation d. Cost principle
eflects each situation. Principle or Assumption eports can be prepared for those Business entity assumption Expense recognition (matching) principle S. s reported. Going-concern assumption npact users' decisions. Measurement (cost) principle Monetary unit assumption
What are Revenue Recognition and Matching Principles?
Explain the concept of revenue recognition. What are the criteria that must be met before revenue can be recognized?
Best choice
Give an example and explanation for each of the following differences between when revenues are recognized and cash flows are received: recognition simultaneous with receipt; recognition prior to receipt; and recognition after receipt.
What is meant by the following terms? You should provide an example of each to support youranswer. (i) A Prepayment(ii) An Accrual(iii) Capital Expenditure(iv) Revenue Income.(v) Duality concept
Question: Which accounting principle states that revenue should be recognized when it is earned and expenses when they are incurred? a. Matching principle b. Revenue recognition principle c. Conservatism principle d. Time period principle
Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) Economic entity assumption g. Matching principle Going concern assumption h. Full disclosure principle Monetary unit assumption i. Relevance characteristic Periodicity assumption j. Reliability characteristic Historical cost principle k. Consistency characteristic Revenue recognition principle ____ 1. Stable-dollar assumption (do not use historical cost principle). ____ 2. Earning process completed and realized or realizable. ____ 3. Presentation of error-free information with representational faithfulness. ____ 4. Yearly financial reports. ____ 5. Accruals and deferrals in the adjusting and closing process. (Do not use going concern.) ____ 6. Useful standard measuring unit for business…

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a company will Which concept assumes continue to operate indefinitely? a) Revenue Recognition b) Going Concern c) Conservatism d) Consistency