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For each of the following descriptions choose the correct accounting concept: (a) An economic event is reported so it represents what actually happened. (b) Users find the information in the financial statements helps them to make decisions. (c) The accounting information shows the profit of a business without consideration of what the owner may want to report. (d) Financial statements make sense to business people. (e) Henry is able to confirm the information presented in the financial statements. (f) Très Chic Boutique uses the same accounting methods as other similar boutiques. accounting concepts: Neutrality Faithful Representation Relevance Comparability Understandability Verifiability

For each of the following descriptions choose the correct accounting concept: (a) An economic event is reported so it represents what actually happened. (b) Users find the information in the financial statements helps them to make decisions. (c) The accounting information shows the profit of a business without consideration of what the owner may want to report. (d) Financial statements make sense to business people. (e) Henry is able to confirm the information presented in the financial statements. (f) Très Chic Boutique uses the same accounting methods as other similar boutiques. accounting concepts: Neutrality Faithful Representation Relevance Comparability Understandability Verifiability

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.15MCE
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For each of the following descriptions choose the correct accounting concept:
(a) An economic event is reported so it represents what actually happened.
(b) Users find the information in the financial statements helps them to make decisions.
(c)
The accounting information shows the profit of a business without consideration of what the owner may want to report.
(d) Financial statements make sense to business people.
(e) Henry is able to confirm the information presented in the financial statements.
(f)
Très Chic Boutique uses the same accounting methods as other similar boutiques.

accounting concepts:

Neutrality


Faithful Representation

Relevance


Comparability

Understandability


Verifiability

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