Answered: The concept that states assets should…

The concept that states assets should be recorded at their original cost is known as the: i. Matching Principle ii. Consistency Principle iii. Cost Principle iv. Revenue Recognition Principle

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 17CYBK

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The concept that states assets should be
recorded at their original cost is known
as the:
i. Matching Principle
ii. Consistency Principle
iii. Cost Principle
iv. Revenue Recognition Principle

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Similar questions

The concept that states assets should be recorded at their original cost is known as the: a) Matching Principle b) Cost Principle c) Consistency Principle d) Revenue Recognition Principle
Describe the expense recognition principle (matching principle). Give specifics.
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WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?
Give differences between Revaluation account and Realisation account.
Match the following challenges in revenue recognition with their corresponding aspects: A. Determining appropriate recognition criteria B. Estimating the fair value of variable considerations C. Identifying and allocating revenue to each performance obligation D. Monitoring and reassessing estimates over time 1. Matching with A: • Option: 2. Matching with B: Option: 3. Matching with C: • Option: 4. Matching with D: Option: ● Options: A) Determining appropriate recognition criteria B) Estimating the fair value of variable considerations C) Identifying and allocating revenue to each performance obligation D) Monitoring and reassessing estimates over time Choose the correct combination: 1. A-B, B-C, C-D, D-A 2. A-C, B-D, C-A, D-B 3. A-D, B-C, C-A, D-B 4. A-B, B-D, C-A, D-C
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When is revenue recognized in the following situations?(a) Revenue from selling products, (b) revenue from servicesperformed, (c) revenue from permitting others to usecompany assets, and (d) revenue from disposing of assetsother than products.