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27 May 2018
3 The adjusting process at the end of an accounting period is based on what two principles: a. Realization and recognition b. Historical cost and business entity C. Going-concern and matching d. Recognition and matching e. None of the above The correct answer is 'd'.
3 The adjusting process at the end of an accounting period is based on what two principles: a. Realization and recognition b. Historical cost and business entity C. Going-concern and matching d. Recognition and matching e. None of the above The correct answer is 'd'.
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Lelia LubowitzLv2
28 May 2018
Related questions
Listed below are several information, characteristics, andaccounting principles and assumptions. Match the term with theappropriate phrase that states its application.
(Points : 30)
Potential Matches: |
1 : Application of the same accounting principles as in thepreceding year |
2 : Earning process completed and realized or realizable |
3 : Notes as part of necessary information to a fairpresentation |
4 : Valuing assets at amounts originally paid for them |
5 : Yearly financial reports |
6 : Stable dollar assumption |
7 : Affairs of the business distinguished from those of itsowners |
8 : Presentation of error-free information withrepresentational faithfulness |
9 : Business enterprise assumed to have a long life |
10 : Accruals and deferrals in adjusting and closingprocess |
Answer |
: Monetary unit assumption |
: Revenue recognition principle |
: Reliability characteristic |
: Periodicity assumption |
: Matching principle |
: Full disclosure principle |
: Economic entity assumption |
: Going concern assumption |
: Historical cost principle |
: Consistency characteristic |