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Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 2. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business

Explain each accounting principles Accrual principle Conservatism principle Consistency principle Cost principle Economic entity principle Full disclosure principle Going concern principle Matching principle Materiality principle Monetary unit principle Reliability principle Revenue recognition principle Time period principle 2. Differentiate the types of business according to its activity: Service business Merchandising business Manufacturing business

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2E: List the classification of each of the following accounts as A (asset), L (liability), OE (owners...
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1. Explain each accounting principles

  • Accrual principle
  • Conservatism principle
  • Consistency principle
  • Cost principle
  • Economic entity principle
  • Full disclosure principle
  • Going concern principle
  • Matching principle
  • Materiality principle
  • Monetary unit principle
  • Reliability principle
  • Revenue recognition principle
  • Time period principle

2. Differentiate the types of business according to its activity:

  • Service business
  • Merchandising business
  • Manufacturing business
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