This paper circulates around the core theme of Listed below are some information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match the number of each with the appropriate phrase that states its application. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Listed below are some information characteristics and accounting
principles and assumptions. Each of these items is assigned a number.
Match the number of each with the appropriate phrase that states its
application. Note: Each answer may be used multiple times.
(Points : 30)
Potential Matches:
1 : Historical cost principle
2 : Industry practices or fair value principle
3 : Revenue recognition principle
4 : Revenue and expense recognition principles
5 : Periodicity assumption
6 : Materiality
7 : Expense recognition principle
8 : Full disclosure principle
9 : Economic entity assumption
10 : Conservatism
Answer
: Fair value changes are not recognized in the accounting records
: Repair tools are expensed when purchased
: Financial information is presented so that investors will not be misled
: Rationale for accrual accounting
: Intangible assets are capitalized and amortized over periods benefited
: Agricultural companies use fair value for purposes of valuing crops
: Lower of cost or market is used to value inventories
: Revenue is recorded at point of sale
: The use of consolidated statements is justified
: Reporting must be done at defined time intervals
