About us
Our services
Essay topics and ideas
Custom essay writing
Flashcards and Quizzes
Tools
Thesis statement generator
Alphabetizer
Conclusion Generator
Essay Rewriter
Free plagiarism checker
Paraphrasing Tool
Read My Essay
Log in
Sign up
Science
Economics
E2-7
Please enter something
FIND ESSAY
E2-7
Zoya Hayes
27 January 2023
4.4
(120 reviews)
15 test answers
Unlock all answers in this set
Unlock answers
(11)
question
Fair value changes are not recognized in the accounting records.
answer
historical cost principle
question
Financial information is presented so that investors will not be misled.
answer
full disclosure principle
question
Intangible assets are capitalized and amortized over periods benefited.
answer
expense recognition principle
question
Repair tools are expensed when purchased.
answer
materiality
question
Agricultural companies use fair value for purposes of valuing crops.
answer
industry practices & fair value principle
question
Each enterprise is kept as a unit distinct from its owner or owners.
answer
economic entity assumption
question
All significant post balance sheet events are reported.
answer
full disclosure principle
question
Revenue is recorded at point of sale.
answer
revenue recognition principle
question
All important aspects of bond indentures are presented in financial statements.
answer
full disclosure principle
question
Rationale for accrual accounting.
answer
revenue principle & expense recognition
question
The use of consolidated statements is justified.
answer
economic entity assumption
question
Reporting must be done at defined time intervals.
answer
periodicity assumption
question
An allowance for doubtful accounts is established.
answer
expense recognition principle
question
Goodwill is recorded only at time of purchase.
answer
historical cost principle
question
A company charges its sales commission costs to expense.
answer
expense recognition principle
Haven't found what you need?
Search for quizzes and test answers now
Please enter something
Find answers
Quizzes.studymoose.com uses cookies. By continuing you agree to our cookie policy