Select the assumptions, principle, or constant that most appropriately justifies

Question

Select the assumptions, principle, or constant that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) a- market value changes are not recognized in the accounting records b- lower-to-cost-or-market is used to value inventories c- financial information is presented so that investors will not be misled d- intangible assets are capitalized and amortized over periods benefited e- repair tools are expensed when purchased f- agricultural companies use market value for purposes of valuing crops g- each enterprise is kept as a unit distinct from its owner or owners h- all significant post balance sheet events are reported i- revenue is recorded at point of sale j- all important aspects of bond indentures are presented in financial statements k- rationale for accural accounting l- the use of considered statements is justified m- reporting must be done at defined time intervals n- all allowance for doubtful accounts is established o- all payments out of petty cash are charged to miscellaneous expense p- goodwill is recorded only at time of purchase q- no profits are anticipated and all possible losses are recognize r- a company charges its sales commission cost to expense

Explanation / Answer

assumptions: b,g,o,h,f principles :a,c,g,i,j,m

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