1. The accounting principle that states companies and owners should be account for separately.
business entity concept going concern concept monetary unit assumption periodicity assumption
2. Companies not disclosing an immanent bankruptcy would violate the:
business entity concept going concern concept monetary unit assumption periodicity assumption
3. The assumption that states that businesses can divide up their activities into artificial time periods.
business entity concept going concern concept monetary unit assumption periodicity assumption
4. Assets are recorded at their original purchase price according to the:
materiality principle historical cost principle cost benefit principle consistency principle
5. Management concealing important financial information violates the:
materiality principle historical cost principle full disclosure principle consistency principle
6. When estimating unearned revenues, what principle applies?
converatism principle historical cost principle full disclosure principle consistency principle
7. What is not a value of accounting relevance?
predictive value feedback value timeliness relibility
8. What is not a value of accounting reliability?
verifiability representational faithfulness timeliness neutrality
9. Switching accounting principles every year would violate the:
converatism principle historical cost principle full disclosure principle consistency principle
10. Recording expenses and revenues in the same period in which they occur.
objectivity principle matching principle historical cost principle industry practices constraint
