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

Introduction: Accounting: Accounting is an art of recording , classifying , summarizing , Interpreting business results there of. Branches of accounting are Financial accounting , cost accounting , managerial accounting, etc.

Business

Accounting

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

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

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.
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
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.
T. Relevance characteristic
8. Consistency characteristic

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