Matching concept Prudence Continuity Entity concept Accrual accounting Cash accounting Accounting period Disclosure Realization A. Transactions accounted when they occur. B. Owners are kept separate from the business. C. Revenues and expenses are matched to generate profit/loss. D. The financial year is divided in different periods E. Stakeholders demand access to all relevant information. F. Free from error and bias. G. Accountants should choose the understate profit H. Assets to be recorded at its original cost. Businesses are assumed to be going concern

Matching concept Prudence Continuity Entity concept Accrual accounting Cash accounting Accounting period Disclosure Realization A. Transactions accounted when they occur. B. Owners are kept separate from the business. C. Revenues and expenses are matched to generate profit/loss. D. The financial year is divided in different periods E. Stakeholders demand access to all relevant information. F. Free from error and bias. G. Accountants should choose the understate profit H. Assets to be recorded at its original cost. Businesses are assumed to be going concern

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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