Knowledge Booster Show Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. Recommended textbooks for you  FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education FINANCIAL ACCOUNTING ISBN:9781259964947 Author:Libby Publisher:MCG Accounting ISBN:9781337272094 Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E. Publisher:Cengage Learning, Accounting Information Systems ISBN:9781337619202 Author:Hall, James A. Publisher:Cengage Learning, Horngren's Cost Accounting: A Managerial Emphasis... ISBN:9780134475585 Author:Srikant M. Datar, Madhav V. Rajan Publisher:PEARSON Intermediate Accounting ISBN:9781259722660 Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas Publisher:McGraw-Hill Education Financial and Managerial Accounting ISBN:9781259726705 Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles Publisher:McGraw-Hill Education 106.Which accounting assumption or principle is being violated if a company is a party tomajor litigation that it may lose and decides not to include the information in the financialstatements because it may have a negative impact on the company's stock price?a.Full disclosure.b.Going concern.c.Historical cost.d.MatchingExpense recognition.2 - 25 107.Which assumption or principle requires that all information significant enough to affect adecision of reasonably informed users should be reported in the financial statements? Get answer to your question and much more 108.A company has a factory building that originally cost the company $250,000. The currentfair value of the factory building is $3 million. The president would like to report thedifference as a gain. The write-up would represent a violation of which accountingassumption or principle? Get answer to your question and much more 109.Which of the following is a constraint in presenting financial information? Get answer to your question and much more 110.All of the following represent costs of providing financial information excepta.preparing.b.disseminating.c.accessing capital.d.auditing. Which accounting assumption or principle is being violated if company?Answer and Explanation: The correct answer is B) Periodicity. Periodicity principle is violated when the company prepares reports only when there is new product because the company must not skip other periods for making financial reports.
What are the 4 accounting assumptions?There are four basic assumptions of financial accounting: (1) economic entity, (2) fiscal period, (3) going concern, and (4) stable dollar. These assumptions are important because they form the building blocks on which financial accounting measurement is based.
What are the accounting assumptions and principles?Accounting assumptions can be defined as a set of rules that ensures the business operations of an organization are conducted efficiently and as per the standards defined by the FASB (Financial Accounting Standards Board), which ultimately helps in laying the groundwork for consistent, reliable, and valuable ...
What is an example of an accounting assumption?The going-concern assumption is a monetary unit assumption. This assumes that all transactions and events can be expressed in monetary units. For example, you would express the cost of a purchase in dollars, rather than units of time or amount of effort.
|
Which accounting assumption or principle is being violated if a company is a party
zusammenhängende Posts
Urheberrechte © © 2024 de.apacode Inc.
