Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals?

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2. Which of the following accounting concepts states that an accounting transaction should be aupported by sufficient evidence to allow two or more qualified individuals to arrive atessentially similar conclusion a) matching b) materiality c) periodicity d) stablemonetary unit
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Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence?
What is objectivity concept in accounting?
What is periodic concept in accounting?
Which accounting concepts that financial statements should be stated in terms of a common financial denominator?

Published 24.10.2020 11:55 on the subject English by villatura

2. Which of the following accounting concepts states that an accounting transaction should be aupported by sufficient evidence to allow two or more qualified individuals to arrive atessentially similar conclusion a) matching b) materiality c) periodicity d) stablemonetary unit

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Reference no: EM132766869

Problem 1: Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion?

Option 1: Matching

Option 2: Objectivity

Option 3: Stable monetary unit

Option 4: Periodicity

Problem 2: The financial statements should be stated in terms of a common financial denominator.

Option 1: Time period

Option 2: Going concern

Option 3: Accrual

Option 4: Stable monetary unit

Reference no: EM132766869

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Which of the following accounting concepts states that an accounting transaction should be supported by sufficient evidence?

One basic principles in accounting states that an accounting transaction has to be supported by sufficient evidence to allow two or more qualified individuals to arrive at essentially similar conclusion is called Objectivity Principle.

What is objectivity concept in accounting?

Objectivity concept in accounting is referred to as the principle which states that financial statements should be objective in nature. In other words, the financial information should be unbiased and free from any kind of internal and external influence.

What is periodic concept in accounting?

What is Periodicity in Accounting? The periodicity assumption states that an organization can report its financial results within certain designated periods of time. This typically means that an entity consistently reports its results and cash flows on a monthly, quarterly, or annual basis.

Which accounting concepts that financial statements should be stated in terms of a common financial denominator?

Stating assets and liabilities and changes in them in terms of a common financial denominator is a prerequisite in measuring financial position and periodic net income.