Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,or (c) constraint. Time period

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Accounting Principle - Every business entity i.e. proprietorship, partnership and company have to…

Q: What is a compensating balance?

A: As per the guidelines, only one qustion s allowed to be solved. Please resubmit the questions…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Accounting concepts and principles: Financial statements are prepared in accordance with the…

Q: The revenue recognition principle dictates that revenue be recognized in the accounting period…

A: The revenuerve recognition principle states that every business organization should recognize the…

Q: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: Briefly discuss the (Accounting Standard) , AS-2 with group method , item by item method, aggregate…

A: Accounting Standard 2 (AS-2) is related to the valuation of inventories. The objective of this…

Q: C.requires equilibrium of resources and the claims on those resources

A: Answer: The accounting is equation is called the balance sheet equation. According to the accounting…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Explain the other statements that the financial statement is comprised of.

A: Financial statements are the reports that are prepared at the end of the period. These are prepared…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: Which financial statement's structure is closest to that of the basic accounting ?equation

A: Solution: Basic accounting equation represents: Assets = Liabilities + Equity This is the main…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting assumption: These are the accounting practices or principles which are considered to be…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Time period is the accounting assumption.

Q: Explain the concept of going concern and the implication of revocation of going concern assumption…

A: Accounting concepts are the basic assumptions, rules and principles which work as the basis of…

Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: TRUE OR FALSE? Supporting computations are included on the face of the financial statements.

A: Financial statements are written documents that transmit details about the financial performance and…

Q: Which are the accounting period?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: In you own understanding, discuss briefly the salient features of accounting models such as Entity…

A: Accounting concepts are basic rules , assumptions and conditions that…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Identify the two main categories of accounting principles.

A: Accounting principles are the principles and rules that organizations must follow when announcing…

Q: 19. Which of the following criteria must De recorded for accounting purposes? The event must be an…

A: Solution 19: As per money measurement concept, a business should only record an accounting…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting is a tool of recording, summarising and analysing the financial transactions and events…

Q: The financial statements should reflect which of the following? a. Conditions. b. Events. c.…

A: An event, if it is financial in nature, is recorded in the financial statements. An event is an…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Going concern:

Q: Identify the accounting assumption, accounting principle, or reporting constraint that mos…

A: Accounting principles are those rules, regulations and guidelines which are used by the accountants…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: Accounting principles are those rules and regulations which helps in accounting.

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b) assumption,…

A: Principles are the rule made for every business.

Q: State the accounting assumption, principle, qualitative characteristic, or constraint that is most…

A: State the accounting assumption, principal qualitive characteristic or constraint that is most…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting principle: These are the guidelines which are to be applied while preparing the…

Q: The reporting of accounting theory is related to ........ Select one : a . Principles b .…

A: Accounting refers to the process of systematic recording of the transactions of the business. Such a…

Q: The accounting equation may be expressed as?

A: Accounting Equation: The accounting equation provides the foundation of the accounting system. This…

Q: What operating or financial data appears on more than one statement?  Is there a specific…

A: Financial Statement:- These are statements prepared at the end of the financial year to know the…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: The measurement phase of accounting is accomplished by?

A: Accounting is the process of identifying, recording, summarizing and analysing financial information…

Q: In the blanks provided to the right below, select the letters of the underlying assumption,…

A: 1 J 2 I.  3 H. 4 G. 5 G. 6 L.

Q: The primary objective of expense recognition is toa. Provide full disclosure.b. Record expenses in…

A:

Q: Which of the following sets includes only accounting assumptions and conventions? a. timeliness,…

A: b. matching, comparability, a period of time, and reliability c. the monetary unit, going concern,…

Q: Describe how changes in accounting principle typically are reported.

A: A change in an accounting principle is a change in a method used, such as using a different…

Q: Indicate which accounting principle(assumption) correctly suits the statement given in each item.

A: 1. Business entity concept 2. Realization concept 3. Money measurement concept 4. Accrual accounting…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…

Q: 1. Explain in detail “The difference between GAAF and IFRS in respect of preparing Balance Sheet and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Define Accounting Period

A: The explanation is provided as follows:

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is