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.) g. Matching principle h. Full disclosure principle Relevance characteristic a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e. Historical cost principle Revenue recognition principle i. j. Reliability characteristic k. Consistency characteristic f. 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 adjusting and closing process. (Do not use going concern.) 6. Useful standard measuring unit for business transactions. - 7. Notes as part of necessary information to a fair presentation. 8. Affairs of the business distinguished from those of its owners. 9. Business enterprise assumed to have a long life. 10. Valuing assets at amounts originally paid for them. 11. Application of the same accounting principles as in the preceding year. 12. Summarizing significant accounting policies. - 13. Presentation of timely information with predictive and feedback value.
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.) g. Matching principle h. Full disclosure principle Relevance characteristic a. Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e. Historical cost principle Revenue recognition principle i. j. Reliability characteristic k. Consistency characteristic f. 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 adjusting and closing process. (Do not use going concern.) 6. Useful standard measuring unit for business transactions. - 7. Notes as part of necessary information to a fair presentation. 8. Affairs of the business distinguished from those of its owners. 9. Business enterprise assumed to have a long life. 10. Valuing assets at amounts originally paid for them. 11. Application of the same accounting principles as in the preceding year. 12. Summarizing significant accounting policies. - 13. Presentation of timely information with predictive and feedback value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.)
a. Economic entity assumption
b. Going concern assumption
c. Monetary unit assumption
d. Periodicity assumption
e. Historical cost principle
f. Revenue recognition principle
g. Matching principle
h. Full disclosure principle
i. Relevance characteristic
j. Reliability characteristic.
k. Consistency characteristic
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 adjusting and closing process. (Do not use going concern.)
6. Useful standard measuring unit for business transactions.
7. Notes as part of necessary information to a fair presentation.
8. Affairs of the business distinguished from those of its owners.
9. Business enterprise assumed to have a long life.
10. Valuing assets at amounts originally paid for them.
11. Application of the same accounting principles as in the preceding year.
12. Summarizing significant accounting policies.
13. Presentation of timely information with predictive and feedback value.
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