Answered

Westonci.ca is your trusted source for accurate answers to all your questions. Join our community and start learning today! Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

(Assumptions, Principles, and Constraint) Presented below are the assumptions, principles, and
constraint used in this chapter.
1. Economic entity assumption
2. Going concern assumption
3. Monetary unit assumption
4. Periodicity assumption
5. Measurement principle
(historical cost)
6. Measurement principle
(fair value)
7. Expense recognition principle
8. Full disclosure principle
9. Cost constraint
10. Revenue recognition 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) Indicates that personal and business record keeping should be separately maintained.
(f) Separates financial information into time periods for reporting purposes.
(g) Assumes that the dollar is the "measuring stick" used to report on financial performance.

Sagot :

azikennamdi

The accounting principles, assumptions, and constraints describes are identified as follows: A) 7, B) 6, C) 8, D) 9, E) 1, F) 4, G) 3.

What are Accounting Principles?

These are rules or laws that govern the reporting and recording of the financial information of a business.

7 - Expense Recognition Principle: This holds the rule of thought that expenses made ought to be recorded in the books or recognized in the same time frame as the revenue transactions they are related to.

3 - Monetary Unit Principle: This law indicates that if a transaction cannot be expressed in a currency, then it shouldn't be recorded. This means "in-kind" transactions and favors hold no place in proper Financial Bookkeeping practice.

See the link below for more about Accounting Principles:

https://brainly.com/question/23008273

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.