Which of the following is not an underlying principle of accrual accounting? A. general recognition B....
Which of the following is not an underlying principle of accrual accounting?
A.
general recognition
B.
revenue and expense recognition
C.
bases of measurement
D.
monetary unit assumption
Homework Answers
Answer : D. Monetary unit assumption
Reason :(i) Accrual Accounting is mainly underlying on two principles. They are :
1. Revenue Recognition principle
2. Matching Principle
(ii) Accrual Accounting is an basis for measurement and is also a general recognition.
Add Answer to:
Which of the following is not an underlying principle of
accrual accounting?
A.
general recognition
B....
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do...
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. a. Allocates expenses to revenues in the proper period. b. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) c. Ensures that all relevant financial information is reported. d. Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) e....
Identify which accounting principle or assumption best describes each of the following practices: 1. Stark Company's...
Identify which accounting principle or assumption best describes each of the following practices: 1. Stark Company's accounting system maintains the equipment account as if the business will continue operating and not close. 2. Mike Derr owns both Salling Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. 3. If $51 thousand cash is paid to buy land, the...
Question 11 (1 point) Which of the following is the principle that a business must report...
Question 11 (1 point) Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? full disclosure principle revenue recognition principle cost principle O expense recognition (matching) principle Question 12 (1 point) Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? separate entity concept time period assumption O monetary measurement concept Ogoing concern assumption
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it is related. Select an option below to match with each question: A) Time Period or Periodicity Assumption B) Economic Entity Assumption C) Fair Value D) Revenue and Expense Recognition Principle E) Revenue Recognition Principle F) Cost principle G) Full Disclosure Principle H) Separate or Economic entity Principle I) Expense Recognition Principle 1) The amount of goodwill recorded by a company that purchases another company...
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate...
Which of the following accounting concepts prescribes that a company record its expenses incurred to generate the revenue reported? A. Expense recognition principle B. Business entity assumption C. Revenue recognition principle D. Cost principle
Zeke the Plumber follows the accrual accounting revenue recognition principle. Zeke performed services for a client...
Zeke the Plumber follows the accrual accounting revenue recognition principle. Zeke performed services for a client on July 10, notified the client that he did the job the next day July 11th. The customer mailed the check to Jerry on July 25. Jerry received the check next day (July 26). When should Jerry show that the revenue was earned? A July 26 B July 25 C July 11 D July 10
Explain the difference between accrual based accounting and cash basis accounting. -What is the revenue recognition...
Explain the difference between accrual based accounting and cash basis accounting. -What is the revenue recognition principle? -What is an accrual? -What is an unearned revenue? -What is the trial balance used for?
15) Accounting is an information and measurement system that does all of the following except: A)...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. a. Allocates expenses to revenues in the proper period. b. Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.) c. Ensures that all relevant financial information is reported. d. Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.) e....
Identify which accounting principle or assumption best describes each of the following practices: 1. Stark Company's accounting system maintains the equipment account as if the business will continue operating and not close. 2. Mike Derr owns both Salling Passions and Dockside Digs. In preparing financial statements for Dockside Digs, Mike makes sure that the expense transactions of Sailing Passions are kept separate from Dockside Digs's transactions and financial statements. 3. If $51 thousand cash is paid to buy land, the...
Question 11 (1 point) Which of the following is the principle that a business must report any business activities that could affect what is reported on the financial statements? full disclosure principle revenue recognition principle cost principle O expense recognition (matching) principle Question 12 (1 point) Which of the following terms is used when assuming a business will continue to operate in the foreseeable future? separate entity concept time period assumption O monetary measurement concept Ogoing concern assumption
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Listed below are several terms and phrases associated with the accounting concepts. Pair each item from List A with the item from List B that is most appropriately associated with it. List B List A 1. Expense recognition 2. Periodicity assumption 3. Historical cost principle 4. Materiality 5. Revenue recognition 6. Going concern assumption 7. Monetary unit assumption 8. Economic entity assumption 9. Full-disclosure principle
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