Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. v Recorded when the performance obligation is satisfied. a. Revenue recognition principle v The reason for recording accruals and deferrals in adjusting entries. b. Matching principle v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. v Recorded when the performance obligation is satisfied. a. Revenue recognition principle v The reason for recording accruals and deferrals in adjusting entries. b. Matching principle v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic

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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