Application of the full disclosure principle a is theoretically desirable but

Application of the full disclosure principle a is

This preview shows page 17 - 19 out of 32 pages.

95. Application of the full disclosure principle a. is theoretically desirable but not practical because the costs of complete disclosure exceed the benefits. b. is violated when important financial information is buried in the notes to the financial statements. c. is demonstrated by the use of supplementary information presenting the effects of changing prices. d. requires that the financial statements be consistent and comparable. 96. Which of the following is an argument against using historical cost in accounting? To download more slides, ebook, solutions and test bank, visit
Test Bank for Intermediate Accounting, Thirteenth Edition 2 - 1897. When is revenue generally recognized? 98. Which of the following are the two components of the revenue recognition principle? 99. Which of the following practices may not be an acceptable deviation from recognizing revenue at the point of sale? a. Upon receipt of cash. b. During production. c. Upon receipt of order. d. End of production. 100. Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles? 101. What is the general approach as to when product costs are recognized as expenses? 102. Not adjusting the amounts reported in the financial statements for inflation is an example of which basic principle of accounting? 103. Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? a. Expense recognition. b. Full disclosure. c. Revenue recognition. d. Historical cost.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture