Homework Answers
Answer-
| Activity | Classification | |
| 1. | Stable-dollar assumption (do not use historical cost principle). | c.Monetary Unit Assumption |
| 2. | The performance obligation is satisfied. | f.Revenue recognition principle |
| 3. | Numbers and descriptions match what really existed or happened. | j.Faithful representation characteristic |
| 4. | Yearly financial reports. | d.Periodicity assumption |
| 5. | Useful standard measuring unit for business transactions. | c.Monetary Unit Assumption |
| 6. | Notes as part of necessary information to a fair presentation. | h.Full disclosure principle |
| 7. | Affairs of the business distinguished from those of its owners. | a.Economic entity assumption |
| 8. | Company assumed to have a long life. | b.Going concern assumption |
| 9. | Valuing assets at amounts originally paid for them. | e.Historical cost principle |
| 10. | Application of the same accounting principles as in the preceding year. | k.Consistency characteristic |
| 11. | Summarizing significant accounting policies. | h.Full disclosure principle |
| 12. | Presentation of timely information with predictive and confirmatory value. | i.Relevance characteristic |
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