Reference no: EM132966279
Problem 1: The concept of matching is best demonstrated by
A) recognizing prepaid rent received as revenue.
B) establishing an allowance for possible market decline in inventory account.
C) not recognizing any expense unless some revenue is realized.
D) associating effort with accomplishment.
Problem 2: The periodicity concept
A) involves dividing the life of a business entity into accounting periods of equal length thus enabling the financial users to periodically evaluate the results of business operations.
B) results from the BIR requirement that taxable income be reported on annual basis.
C) requires that all companies prepare monthly, quarterly, and annual financial statements.
D) requires all companies to use a fiscal year ending December 31.
Problem 3: The principle of objectivity includes the concept of by
A) summarization.
B) classification.
C) verifiability.
D) conservatism.
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Which the concept of the accounting entity is applicable
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