FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Which of the following overall accounting concepts has a number of exceptions under GAAP?
a) Historical cost
b) Transaction basis
c) Conservatism
d) Accrual accounting
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- Which accounting principle requires that expenses be matched with revenues? a) Revenue Recognition Principle b) Matching Principle c) Historical Cost Principle d) Full Disclosure Principlearrow_forwardHow does the concept of uniformity relate to comparability in the accountingliterature?arrow_forwardWhich of the following sets includes only accounting assumptions and conventions? a. timeliness, prudence, historical cost, and neutrality b. matching, comparability, period of timem and reliability c. monetary unit, going concern, relevance, and materiality d. monetary unit, entity, going concern, and realization-recognitionarrow_forward
- Which of the following costs would not be included in accounting financial statements? O A. opportunity costs O B. sunk costs O C. historical costs O D. All of the above would be included in accounting financial statementsarrow_forwardDistinguish between termporary differences and permanent differences in Accounting? Provide an example of each.arrow_forwardWhat is accrual basis of accounting? Please explain and provide an example.arrow_forward
- Which of the following accounting principles requires that expenses be recognized in the same period as the revenue they helped to generate? A) Matching principle B) Conservatism principle C) Revenue recognition principle D) Cost-benefit principlearrow_forwardWhat can be interpreted from Accounting Standards Codification (ASC), of FASB?arrow_forward
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