TCO A) Listed below are several information, characteristics, and accounting pri
ID: 2501855 • Letter: T
Question
TCO A) Listed below are several information, characteristics, and accounting principles and assumptions. Match the term with the appropriate phrase that states its application. (Points : 30) Potential Matches:
1 : Application of the same accounting principles as in the preceding year
2 : Earning process completed and realized or realizable
3 : Notes as part of necessary information to a fair presentation
4 : Valuing assets at amounts originally paid for them
5 : Yearly financial reports
6 : Stable dollar assumption
7 : Affairs of the business distinguished from those of its owners
8 : Presentation of error-free information with representational faithfulness
9 : Business enterprise assumed to have a long life
10 : Accruals and deferrals in adjusting and closing process
Answer :
Monetary unit assumption :
Revenue recognition principle :
Reliability characteristic :
Periodicity assumption :
Matching principle :
Full disclosure principle :
Economic entity assumption :
Going concern assumption :
Historical cost principle :
Consistency characteristic
Explanation / Answer
Solution :
1 : Application of the same accounting principles as in the preceding year
Consistency characteristic
2 : Earning process completed and realized or realizable
Revenue recognition principle :
3 : Notes as part of necessary information to a fair presentation
Full disclosure principle :
4 : Valuing assets at amounts originally paid for them
Historical cost principle :
5 : Yearly financial reports
Periodicity assumption :
6 : Stable dollar assumption
Monetary unit assumption :
7 : Affairs of the business distinguished from those of its owners
Economic entity assumption :
8 : Presentation of error-free information with representational faithfulness
Reliability characteristic :
9 : Business enterprise assumed to have a long life
Going concern assumption :
10 : Accruals and deferrals in adjusting and closing process
Matching principle :
1 : Application of the same accounting principles as in the preceding year
Consistency characteristic
2 : Earning process completed and realized or realizable
Revenue recognition principle :
3 : Notes as part of necessary information to a fair presentation
Full disclosure principle :
4 : Valuing assets at amounts originally paid for them
Historical cost principle :
5 : Yearly financial reports
Periodicity assumption :
6 : Stable dollar assumption
Monetary unit assumption :
7 : Affairs of the business distinguished from those of its owners
Economic entity assumption :
8 : Presentation of error-free information with representational faithfulness
Reliability characteristic :
9 : Business enterprise assumed to have a long life
Going concern assumption :
10 : Accruals and deferrals in adjusting and closing process
Matching principle :
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