Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be usedonce, more than once, or not at all.Recorded when the performance obligation is satisfied.a. Revenue recognition principleV The reason for recording accruals and deferrals in adjusting entries.b. Matching principleValuing assets at amounts originally paid for them.C. Historical cost principleEntity assumed to have a long lifed. Going concern assumptionDescription of significant accounting policies and unusual events.e. Full disclosure principlev Information has predictive and confirmatory value.T. Relevance characteristic8. 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 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 Entity assumed to have a long life d. Going concern assumption · 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 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 Entity assumed to have a long life d. Going concern assumption · 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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...

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