Accounting fundamentals based on accounting

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Reference no: EM13356380

Accounting fundamentals based on accounting principles.

Presented below are the assumptions and principles discussed in this chapter.

1. Full disclosure principle.
2. Going concern assumption.
3. Monetary unit assumption.
4. Time period assumption.
5. Cost principle.
6. Economic entity assumption.

Instructions

Identify by number the accounting assumption or principle that is described below. Do not use a number more than once.

a) Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the cost principle.)
b) Indicates that personal and business record-keeping should be separately maintained.
c) Assumes that the dollar is the "measuring stick" used to report on financial performance.
d) Separates financial information into time periods for reporting purpose.
e) Indicates that companies should not record in the accounts market value changes subsequent to purchase.
f) Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Reference no: EM13356380

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