FIN. ACC.:TOOLS F/BUS DECISION MAKING
9th Edition
ISBN: 9781119791089
Author: Kimmel
Publisher: WILEY
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Chapter 2, Problem 2.13E
To determine
Accounting assumptions: These are the conventions which guide FASB (Financial Accounting Standards Board) to develop accounting standards. The basic assumptions are monetary unit assumption, economic entity assumption, periodicity assumption, and going concern assumption.
Accounting principles: These are the rules which guide FASB to prepare guidelines necessary for reporting the accounting formation, in a useful and relevant format which is better understood by the users. Some basic principles are historical cost principle, fair value principle, and full disclosure principle.
To match: The descriptions with the assumptions and principles
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Chapter 2 Solutions
FIN. ACC.:TOOLS F/BUS DECISION MAKING
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