Identify the accounting assumption, accounting principle, or reporting constraint that mostappropriately justifies these procedures and practices. Use only one item per description.Choices:a. Full disclosure principleb. Time period assumptionc. Materiality constraintd. Cost principlee. Revenue recognition principlef. Conservatism constraintg. Matching principleh. Economic entity assumptioni. Monetary unitj. Going concernk. some other answer 1. Companies listed on the Philippine Stock Exchange report audited financial informationannually and report unaudited information quarterly.2. Small appliances used in food production by a multi millionaire restaurant are expensedwhen purchased. (Do not use conservatism.)3. A restaurant has traditionally used the straight line method to depreciate all its heavy dutykitchen equipment. This year it decides to start using the double declining balancedepreciation method on the same equipment. This change must be announced in thefinancial statements due to theprinciple.4. Retailers recognize revenue at the point of sale.5. A restaurant does not reduce the value of its glassware to liquidation value because of the_principle.

Identify the accounting assumption, accounting principle, or reporting constraint that mos appropriately justifies these procedures and practices. Use only one item per description. 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 answer

Identify the accounting assumption, accounting principle, or reporting constraint that mos appropriately justifies these procedures and practices. Use only one item per description. 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 answer

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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