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Accouting Questionnaire Aug. 28.docx

Accouting Questionnaire Aug. 28.docx - A B C D E F G H...

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Madeline Clark Aug. 28 A. General accounting principle B. Cost Principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Matching (expense recognition) principle G. Going-concern assumption H. Full disclosure principle __1. A company reports details behind financial statements that would impact users’ decisions. __2. Financial statements reflects the assumption __3. A company records the expenses incurred to generate the revenues reported __4. Derived from long-used and generally accepted accounting practices. __5. Each business is accounted for separately from its owner or owners. __6. Revenue is recorded when products and services are delivered. __7. Usually created by a pronouncement from and authoritative body. __8. Information is based on actual costs incurred in transactions General accounting principle-Derived from long-used and generally accepted accounting
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