Examen
Accounting Principles questions & correct answers.
- Grado
- Institución
Accounting Principles questions & correct answers.
[Mostrar más]Vista previa 1 fuera de 2 páginas
Vista previa 1 fuera de 2 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Professorkaylee
Vista previa del contenido
Accounting Principles questions &correct answers.
The consistency principle ANS - states that, once you adopt an accounting principle or method,
continue to follow it consistently in future accounting periods.
The full disclosure principle ANS - states that you should include in an entity's financial statements all
information that would affect a reader's understanding of those statements.
The materiality principle ANS - states that you are allowed to ignore an accounting standard if the net
impact of doing so has such a small impact on the financial statements that a reader of the financial
statements would not be misled.
The reliability principle ANS - is the concept of only recording those transactions in the accounting
system that you can verify are reliable with objective evidence.
The time period principle ANS - is the concept that a business should report the financial results of its
activities over a standard time period, which is usually monthly, quarterly, or annually.
The conservatism principle ANS - is the general concept of recognizing expenses and liabilities as soon
as possible when there is uncertainty about the outcome, but to only recognize revenues and assets
when they are assured of being received.
The economic entity principle ANS - states that the recorded activities of a business entity will be kept
separate from the recorded activities of its owner(s) and any other business entities.
The going concern principle ANS - is the assumption that an entity will remain in business for the
foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate
its assets in the near term at what may be very low fire-sale prices.
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Professorkaylee. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $9.19. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now