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

Explanation of Going Concern:The Going Concern concept is the assumption that a business will…

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
Multiple choice: 1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement. A. income B. asset C. equity D. liability 2. The usefulness of information is assessed in terms of its A. qualitative characteristics. B. timeliness C. verifiability D. size
Match the following challenges in revenue recognition with their corresponding aspects: A. Determining appropriate recognition criteria B. Estimating the fair value of variable considerations C. Identifying and allocating revenue to each performance obligation D. Monitoring and reassessing estimates over time 1. Matching with A: • Option: 2. Matching with B: Option: 3. Matching with C: • Option: 4. Matching with D: Option: ● Options: A) Determining appropriate recognition criteria B) Estimating the fair value of variable considerations C) Identifying and allocating revenue to each performance obligation D) Monitoring and reassessing estimates over time Choose the correct combination: 1. A-B, B-C, C-D, D-A 2. A-C, B-D, C-A, D-B 3. A-D, B-C, C-A, D-B 4. A-B, B-D, C-A, D-C
Financial information that is capable of making a difference in a decision is a) relevat b) faithfully representative c) convergent d) generally accepted
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
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
Which one of the following recognises the idea that assets and income should not be overstated while liabilities and expenses should not be understated :A. Matching principle,B. Accrual concept,C. Principle of prudence.D. Consistency concept.

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