need to compare information on the financial statements of the same entity and/or the financial statement of different entities? A. Matching principle. B. Accrual concept. c. Consistency principle. D. Prepaid concept 1.1.8 The principle that any personal transactions undertaken by the owner of a business entity must be kept separate from that business entity is known as: A. Principle of duality. B. Entity concept. c. Consistency principle D. Accrual concept. 1.1.9 Complete the following sentence. The purpose of the statement of changes in equity is to; A. Express the financial position at a given point in time. B. Reconcile the net worth of an entity at the beginning of the year to the net worth at the end of the year. C. Measure the performance of the entity by determining the profit or loss for the period. D. Measure the ability of an entity to generate, manage and use cash efficiently.

need to compare information on the financial statements of the same entity and/or the financial statement of different entities? A. Matching principle. B. Accrual concept. c. Consistency principle. D. Prepaid concept 1.1.8 The principle that any personal transactions undertaken by the owner of a business entity must be kept separate from that business entity is known as: A. Principle of duality. B. Entity concept. c. Consistency principle D. Accrual concept. 1.1.9 Complete the following sentence. The purpose of the statement of changes in equity is to; A. Express the financial position at a given point in time. B. Reconcile the net worth of an entity at the beginning of the year to the net worth at the end of the year. C. Measure the performance of the entity by determining the profit or loss for the period. D. Measure the ability of an entity to generate, manage and use cash efficiently.

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

1.1.7 Which one of the following best helps users of the financial statements when they
need to compare information on the financial statements of the same entity
and/or the financial statement of different entities?
A. Matching principle.
B. Accrual concept.
c. Consistency principle.
D. Prepaid concept
1.1.8 The principle that any personal transactions undertaken by the owner of a
business entity must be kept separate from that business entity is known as:
A. Principle of duality.
B. Entity concept.
c. Consistency principle
D. Accrual concept.
1.1.9 Complete the following sentence. The purpose of the statement of changes in
equity is to;
A. Express the financial position at a given point in time.
B. Reconcile the net worth of an entity at the beginning of the year to the net
worth at the end of the year.
C. Measure the performance of the entity by determining the profit or loss for the
period.
D. Measure the ability of an entity to generate, manage and use cash efficiently.

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