Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption e. Full disclosure principle f. Relevance characteristic Description of significant accounting policies and unusual events. Information has predictive and confirmatory value. 8- Consistency characteristic

Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. A once, more than once, or not at all. Recorded when the performance obligation is satisfied. a. Revenue recognition principle The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle Entity assumed to have a long life d. Going concern assumption e. Full disclosure principle f. Relevance characteristic Description of significant accounting policies and unusual events. Information has predictive and confirmatory value. 8- Consistency characteristic

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4MC: A change in the expected service life of an asset arising because additional information has been...

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QUESTION 49 Match the statements below with the accounting assumption, characteristic, or principle to which the statement relates. Assumptions/characteristics/principles may be used once, more than once, or not at all. V Recorded when the performance obligation is satisfied. a. Revenue recognition principle V The reason for recording accruals and deferrals in adjusting entries. b. Matching principle Valuing assets at amounts originally paid for them. C. Historical cost principle d. Entity assumed to have a long life Going concern assumption Description of significant accounting policies and unusual events. e. Full disclosure principle f. Information has predictive and confirmatory value. Relevance characteristic 8. Consistency characteristic
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