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Unformatted text preview: 12. Conservatism. (f) 1. Economic entity assumption. (g) 4. Periodicity assumption. (h) 11. Industry practices. (i) 10. Materiality. (j) 3. Monetary unit assumption. EXERCISE 2-5 (20–25 minutes) (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) Historical cost principle. Conservatism. Full disclosure principle. Expense recognition principle. Materiality. Industry practices or fair value principle. Economic entity assumption. Full disclosure principle. Revenue recognition principle. Full disclosure principle. (k) Revenue and expense recognition principles. (l) Economic entity assumption. (m) Periodicity assumption. (n) Expense recognition principle. (o) Materiality. (p) Historical cost principle. (q) Conservatism. (r) Expense recognition principle....
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- Spring '11
- Accounting, Generally Accepted Accounting Principles, expense recognition principle