The personal assets of the owner of a company will not appear on the company's balance Show
Get answer to your question and much more Which principle/guideline requires a company's balance sheet to report its land at the amountthe company paid to acquire the land, even if the land could be sold today at a significantly Get answer to your question and much more Which principle/guideline allows a company to ignore the change in the purchasing power of Get answer to your question and much more Which principle/guideline requires the company's financial statements to have footnotes Get answer to your question and much more Which principle/guideline justifies a company violating an accounting principle because the Get answer to your question and much more Which principle/guideline is associated with the assumption that the company will continue Get answer to your question and much more This preview shows page 1 - 3 out of 3 pages. 5.5.Which principle/guideline justifies a company violating an accounting principlebecause the amounts are immaterial?ConservatismFull DisclosureMateriality6.6. Which principle/guideline is associated with the assumption that the company willcontinue on long enough to carry out its objectives and commitments?7.7. Get answer to your question and much more A very large corporation's financial statements have the dollar amounts rounded tothe nearest $1,000. Which accounting principle/guideline justifies not reporting theamounts to the penny? Get answer to your question and much more Monetary Unit8.8.Accountants might recognize losses but not gains in certain situations. For example,the company might write-down the cost of inventory, but will not write-up the cost ofinventory. Which principle/guideline is associated with this action?9.9. Get answer to your question and much more Which principle/guideline directs a company to show all the expenses related to itsrevenues of a specified period even if the expenses were not paid in that period?CostMatching Monetary Unit10.10.When the accountant has to choose between two acceptable alternatives, theaccountant should select the alternative that will report less profit, less asset Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 3 pages? Upload your study docs or become a Course Hero member to access this document 20 Questions | By Zsinmakkah | Last updated: Mar 22, 2022 | Total Attempts: 1479 Settings Feedback During the Quiz End of Quiz Difficulty Sequential Easy First Hard First Do you know anything about accounting principles and knowledge? Could you pass this quiz? Financial accounting is the branch of corporate accounting that identifies, records, and examines financial data for people outside of the company. Any data given by financial accounting includes quarterly and annual income statements, balance sheets, and cash flow statements of general earnings. If it all adds up you will pass this quiz.
How good are your basic accounting principles and concepts? Try out these quiz questions and answers and check your financial knowledge. Accounting principles are the common rules and guidelines that companies need to follow... Questions: 13 | Attempts: 5773 | Last updated: May 29, 2022
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More Accounting Principle Quizzes
Back to top Which principle guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statement?Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements? The full disclosure principle requires businesses to disclose information that is relevant to the decisions of investors and creditors.
Which principle guideline is associated with the assumption that the company will continue on long enough to carry out its objectives and commitments?As an accounting principle, the going concern principle serves as a guideline which allows readers of a business's financial statements to assume that the business will continue to operate long enough to carry out its current obligations, objectives and commitments.
Which principle guideline requires a company's balance sheet to report its land at the amount the company paid to acquire?Which principle/guideline requires a company's balance sheet to report its land at the amount the company paid to acquire the land, even if the land could be sold today at a significantly higher amount? The cost principle requires the accountant to show assets at cost and expenses at cost rather than at higher amounts.
What is the principle of materiality?Materiality is an accounting principle which states that all items that are reasonably likely to impact investors' decision-making must be recorded or reported in detail in a business's financial statements using GAAP standards.
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