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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