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E1_5_Nirh - _C 4 Every business is accounted for separately...

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Angad Singh Nirh 8:30 – 9:20 E1-5 A. General accounting principle E. Specific accounting principle B. Cost principle F. Objectivity principle C. Business entity principle G. Going-concern principle D. Revenue recognition principle __E __ 1. Usually created by a pronouncement from an authoritative body __G __ 2. Financial statements reflect the assumption that the business continues operating. __ A _ 3. Derived from long-used and generally accepted accounting practices
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Unformatted text preview: __C __ 4. Every business is accounted for separately from its owner or owners. __D ___ 5. Revenue is recorded only when the earnings process is complete __B__ 6. Information is based on actual cost incurred in transactions __F __ 7. Financial statement data are supported by evidence other than someone’s opinion or belief...
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