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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....
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- Spring '10