Matching concept Prudence Continuity Entity concept Accrual accounting Cash accounting Accounting period Disclosure Realization A. Transactions accounted when they occur. B. Owners are kept separate from the business. C. Revenues and expenses are matched to generate profit/loss. D. The financial year is divided in different periods E. Stakeholders demand access to all relevant information. F. Free from error and bias. G. Accountants should choose the understate profit H. Assets to be recorded at its original cost. Businesses are assumed to be going concern

Matching concept Prudence Continuity Entity concept Accrual accounting Cash accounting Accounting period Disclosure Realization A. Transactions accounted when they occur. B. Owners are kept separate from the business. C. Revenues and expenses are matched to generate profit/loss. D. The financial year is divided in different periods E. Stakeholders demand access to all relevant information. F. Free from error and bias. G. Accountants should choose the understate profit H. Assets to be recorded at its original cost. Businesses are assumed to be going concern

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.26E: Accounting concepts Match each of the following statements with the appropriate accounting concept....

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