that is most appropriately associated with it. List A . Expense recognition 2. Periodicity assumption 3. Historical cost principle . Materiality 5. Revenue recognition 5. Going concern assumption 7. Monetary unit assumption 3. Economic entity assumption 9. Full-disclosure principle List B Record expenses in the period the related revenue is recognized. The life of an enterprise can be divided into artificial time periods. The original transaction value upon acquisition. Concerns the relative size of an item and its effect on decisions. Criteria usually satisfied for products at point of sale. The entity will continue indefinitely. A common denominator is the dollar. The enterprise is separate from its owners and other entities. All information that could affect decisions should be reported.

that is most appropriately associated with it. List A . Expense recognition 2. Periodicity assumption 3. Historical cost principle . Materiality 5. Revenue recognition 5. Going concern assumption 7. Monetary unit assumption 3. Economic entity assumption 9. Full-disclosure principle List B Record expenses in the period the related revenue is recognized. The life of an enterprise can be divided into artificial time periods. The original transaction value upon acquisition. Concerns the relative size of an item and its effect on decisions. Criteria usually satisfied for products at point of sale. The entity will continue indefinitely. A common denominator is the dollar. The enterprise is separate from its owners and other entities. All information that could affect decisions should be reported.

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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