This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: description. A. General accounting principle B. Cost principle C. Business entity assumption D. Revenue recognition principle E. Specific accounting principle F. Full disclosure principle G. Going-concern assumption H. Matching principle Code Description _ 1. Usually created by a pronouncement from an authoritative body. _ 2. Financial statements reflect the assumption that the business continues operating. _ 3. Derived from long-used and generally accepted accounting practices. _ 4. Every business is accounted for separately from its owner or owners. _ 5. Revenue is recorded only when the earnings process is complete. _ 6. Information is based on actual costs incurred in transactions. _ 7. A company reports details behind financial statements that would influence users' decisions. _ 8. A company records the expenses incurred to generate the revenue reported....
View Full Document
This note was uploaded on 04/20/2010 for the course BUSI BUSI1002 taught by Professor Drjasmine during the Spring '10 term at HKU.
- Spring '10