Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption e. Full disclosure principle f. Relevance characteristic Description of significant accounting policies and unusual events. Information has predictive and confirmatory value. 8- Consistency characteristic
Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption e. Full disclosure principle f. Relevance characteristic Description of significant accounting policies and unusual events. Information has predictive and confirmatory value. 8- Consistency characteristic
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
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4MC: A change in the expected service life of an asset arising because additional information has been...
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