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Accounting Concepts (rated 100% and verified).
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  • Accounting 101
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  • Accounting 101

Accounting Concepts (rated 100% and verified).

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  • August 29, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting concepts rated 100 and verified

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  • Accounting 101
  • Accounting 101

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Accounting Concepts (rated 100% and
verified).

Accounting Period Cycle ANS - Changes in financial information are reported for a specific period of time
in the form of financial statements.



Adequate Disclosure ANS - Financial statements contain all information necessary to understand a
business's financial condition.



Business Entity ANS - Financial information is recorded and reported seperately from the owner's
personal fiancial information.



Consistent Reporting ANS - The same accounting procedures are followed in same way in each
accounting period.



Going Concern ANS - Financial statements are prepared with the expectation that a business will remain
in operation indefinitely.



Historical Cost ANS - The actual amount paid for merchandise or other items bought is recorded.



Matching Expenses With Revenue ANS - Rvenue from business activities and expenses associated with
earning that revenue are recorded in the same accounting period.



Objective Evidence ANS - A source document is prepared for each transaction.



Realization of Revenue ANS - Revenue is recorded at the time goods or services are sold.



Unit of Measurement ANS - Business transactions are stated in numbers that have common values; that
is, using a common unit of measurement.

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