Question

QUESTION 1 10 points Save Answer Match the concepts in the left-hand column with the correct description or term in the right-hand column. A. Liability It is assumed that the entity will continue to operate in the foreseeable b. future. (- C. Operates separately from other units D. Asset - - Entity Accounting Qualitative characteristic of financial statements Cash in the bank Going concern E. Equity F. Accrual concept G. To report on the financial performance of an entity H. Faithful representation I. A continuous process that involves bookkeeping and reporting

Answer 1

1.Entity -- C.Operates separately from other units

2.Accounting -- I.A continuous process that involves book keeping and reporting

3.Qualitative characteristic of financial statements -- H.Faithful representation

4.Cash in hand -- D.Asset

5.Going concern -- B.It is assumed that the entity will continue to operate in the foreseeable future

Extra info

1.Entity- It is a person,partnership,organization,or business that has a legal and separately identifiable existence.

2.Accounting- Accounting is the process of recording financial transactions pertaining to a business and also interpreting the results.It includes book keeping

3.It is one of the qualitative characteristic of accounting that the information should faithfully represent transactions and other events,reflect the underlying substance of events,and prudently represent estimates and uncertainties through proper disclosure.

4.Cash in bank is considered as a current asset

5.Going concern- It is a principle of accounting which assumes that a company will continue to exist long enough to carry out it's objectives and commitments and will not liquidate in the foreseeable future.