Enter the letter A through H for the principle or assumption in the blank space next to each numbered description that it best reflects. A. General accounting principle B. Measurement (cost) principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Expense recognition (matching) principle G. Going-concern assumption H. Full disclosure principle 1. A company reports details behind financial statements that would impact users’ decisions. 2. Financial statements reflect the assumption that the business continues operating. 3. A company records the expenses incurred to generate the revenues reported. 4. Concepts, assumptions, and guidelines for preparing financial statements. 5. Each business is accounted for separately from its owner or owners. 6. Revenue is recorded when products and services are delivered. 7. Detailed rules used in reporting events and transactions. 8. Information is based on actual costs incurred in transactions.
Enter the letter A through H for the principle or assumption in the blank space next to each numbered
description
that it best reflects.
A. General accounting principle
B. Measurement (cost) principle
C. Business entity assumption
D. Revenue recognition principle
E. Specific accounting principle
F. Expense recognition (matching) principle
G. Going-concern assumption
H. Full disclosure principle
1. A company reports details behind financial statements that would impact users’ decisions.
2. Financial statements reflect the assumption that the business continues operating.
3. A company records the expenses incurred to generate the revenues reported.
4. Concepts, assumptions, and guidelines for preparing financial statements.
5. Each business is accounted for separately from its owner or owners.
6. Revenue is recorded when products and services are delivered.
7. Detailed rules used in reporting events and transactions.
8. Information is based on actual costs incurred in transactions.
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