8.Information is based on actual costs incurred in transactions." "identifying accounting principles and assumptions C4Enter the letter A through H for the principle or assumption in the blank space next to eachnumbered description that it best reflects.A. General accounting principleB.Measurement (cost) principleC.Business entity assumptionD.Revenue recognition principleE.Specific accounting principleF.Expense recognition (matching) principleG.Going-concern assumptionH. Full disclosure principle1.A company reports details behind financial statements that would impact users' decisions.2.Financial statements reflect the assumption that the business continues operating.3.A company records the expenses incurred to generate the revenues reported.Concepts, assumptions, and guidelines for preparing financial statements.5.Each business is accounted for separately from its owner or owners.6.Revenue is recorded when products and services are delivered.7.Detailed rules used in reporting events and transactions.

General accepted accounting principles means those set of standards which is followed while…

"identifying accounting principles and assumptions C4 Enter the letter A through H for the principle or assumption in the blank space next to each numbered description that it best reflects. A. General accounting principle B.Measurement (cost) principle C.Business entity assumption D.Revenue recognition principle E.Specific accounting principle F.Expense recognition (matching) principle G.Going-concern assumption H. Full disclosure principle A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating. 3. A company records the expenses incurred to generate the revenues reported. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and services are delivered. Detailed rules used in reporting events and transactions.

"identifying accounting principles and assumptions C4 Enter the letter A through H for the principle or assumption in the blank space next to each numbered description that it best reflects. A. General accounting principle B.Measurement (cost) principle C.Business entity assumption D.Revenue recognition principle E.Specific accounting principle F.Expense recognition (matching) principle G.Going-concern assumption H. Full disclosure principle A company reports details behind financial statements that would impact users' decisions. 2. Financial statements reflect the assumption that the business continues operating. 3. A company records the expenses incurred to generate the revenues reported. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and services are delivered. Detailed rules used in reporting events and transactions.

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

8.
Information is based on actual costs incurred in transactions."

"identifying accounting principles and assumptions C4
Enter the letter A through H for the principle or assumption in the blank space next to each
numbered description that it best reflects.
A. General accounting principle
B.Measurement (cost) principle
C.Business entity assumption
D.Revenue recognition principle
E.Specific accounting principle
F.Expense recognition (matching) principle
G.Going-concern assumption
H. Full disclosure principle
1.
A company reports details behind financial statements that would impact users' decisions.
2.
Financial statements reflect the assumption that the business continues operating.
3.
A company records the expenses incurred to generate the revenues reported.
Concepts, assumptions, and guidelines for preparing financial statements.
5.
Each business is accounted for separately from its owner or owners.
6.
Revenue is recorded when products and services are delivered.
7.
Detailed rules used in reporting events and transactions.

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Answer only please.
Options are: General Accounting principle Revenue recongnition principle Full disclosure principle Buisnmess entity assumption Going concern assumption