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 v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic
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 v Valuing assets at amounts originally paid for them. C. Historical cost principle V Entity assumed to have a long life d. Going concern assumption v Description of significant accounting policies and unusual events. e. Full disclosure principle v Information has predictive and confirmatory value. f. Relevance characteristic 8. Consistency characteristic
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 12MC: Which of the following principles matches expenses with associated revenues in the period in which...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb512ff30-e2ce-4aee-845b-f691f473289e%2Fae0659cb-cb3a-4358-96a4-ad31d59045b1%2Fbjuaqcp_processed.png&w=3840&q=75)
Transcribed Image Text: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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