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. See more: How Do You Say Family First In Spanish ? Family Comes First | 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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