Identify the accounting presumption, principle, or constraintthat defines each case listed below. Do not usage any type of asumption,principle or constraint more than when.
You are watching: Rationale why plant assets are not reported at liquidation value.
|(a)||Is the rationale for why plant assets are not reported atliquidation value. (Do not use the historic cost principle.)|
Monetaryunit assumption/ Revenue recognition principle/ Cost constraint/Historical cost principle/ Materiality/ Economic entity assumption/Expense recognition principle/ Periodicity assumption/ Fulldisclosure principle/ Going problem assumption
|(b)||Indicates that personal and also business record-keeping have to beindependently kept.|
Materiality/Cost constraint/ Periodicity assumption/ Expense recognitionprinciple/ Monetary unit assumption/ Revenue acknowledgment principle/Historical cost principle/ Going issue assumption/ Fulldisclocertain principle/ Economic entity assumption
|(c)||Ensures that all relevant financial information isreported.|
Economicentity assumption/ Historical expense principle/ Monetary unitassumption/ Materiality/ Full disclosure principle/ Going concernassumption/ Periodicity assumption/ Revenue acknowledgment principle/Expense acknowledgment principle/ Cost constraint
|(d)||Assumes that the dollar is the “measuring stick” offered to reporton financial performance.|
Periodicityassumption/ Full disclosure principle/ Expense recognitionprinciple/ Materiality/ Historical price principle/ Monetary unitassumption/ Cost constraint/ Going issue assumption/ Revenuerecognition principle/ Economic entity assumption
|(e)||Requires that accountancy requirements be complied with for all itemsof significant dimension.|
Revenueacknowledgment principle/ Materiality/ Going concern assumption/ Fulldisclosure principle/ Cost constraint/ Historical cost principle/Economic entity assumption/ Expense acknowledgment principle/ Monetaryunit assumption/ Periodicity assumption
|(f)||Separates financial indevelopment into time durations for reportingpurposes.|
Economicentity assumption/ Historical price principle/ Materiality/ Expenserecognition principle/ Revenue acknowledgment principle/ Going concernassumption/ Cost constraint/ Full disclocertain principle/ Monetaryunit assumption/ Periodicity assumption
|(g)||Requires recognition of expenses in the same duration as relatedprofits.|
Periodicityassumption/ Monetary unit assumption/ Historical price principle/Revenue recognition principle/ Going problem assumption/Materiality/ Cost constraint/ Economic entity assumption/ Expenserecognition principle/ Full disclosure principle
|(h)||Indicates that fair worth alters succeeding to purchase arenot tape-recorded in the accounts.|
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Monetaryunit assumption/ Historical expense principle/ Economic entityassumption/ Expense recognition principle/ Periodicity assumption/Cost constraint/ Materiality/ Full disclosure principle/ Goingworry assumption/ Revenue acknowledgment principle
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