which accounting assumption, principle, information characteristic, or constrain

Question

which accounting assumption, principle, information characteristic, or constraint is the most applicable a. all payments less then $25 are expensed as incurred b. the company employs the same inventory valuation method from period to period c. a patent is capitalized and amortized over the periods benefited d. assuming the dollars today will buy as much as ten years ago e. rent paid in advance is recorded as prepaid rent f. financial statements are prepared each year g. al significant post-balance sheet items are reported h. personal transactions of the proprietor are distinguished from business transactions

Explanation / Answer

Hi, Please find the answers as follows: a) Materiality Constraint. b) Consistency Characteristic. c) Matching Principle or Going Concern Assumption. d) Monetary Unit Assumption. e) Matching Principle or Going Concern Assumption. f) Periodicity Assumption. g) Full Disclosure Principle. h) Economic Entity Assumption. Thanks.

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