Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. be. 5 presented below are the basic assumptions an

BE. 5 Presented below are the basic assumptions and principles underlying financial statements. a. Historical...

60.1K

Verified Solution

Question

Accounting

image
BE. 5 Presented below are the basic assumptions and principles underlying financial statements. a. Historical cost principle b. Economic entity assumption c. Full disclosure principle d. Going concern assumption e. Monetary unit assumption f. Periodicity assumption Identify the basic assumption or principle that is described below. 1. The economic life of a business can be divided into artificial time periods. 2. The business will continue in operation long enough to carry out its existing objectives. 3. Assets should be recorded at their cost. 4. Economic events can be identified with a particular unit of accountability. 5. Circumstances and events that make a difference to financial statement users should be disclosed. 6. Only transaction data that can be expressed in terms of money should be included in the accounting records

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Calculate the number of ATP produced (or consumed) by conversion of Leu to acetoacetate using this...

Chemistry
1.2K views

A-- 1.25 cubic inch (in3) sample of glycerol has a mass of 25.2 grams. What is...

Psychology
1.2K views

What can college students due to bridge the digital divide? Provide 2 ideas and explain how...

Electrical Engineering
1.2K views

How does a capacitance affect Long Transmission lines? If the receiving end of the long transmission...

Physics
1.2K views

A device that can detect the presence of charge is an

Calculus
1.2K views

Find a solution to y ke x 2 2 5x Hint dy xy 9x 5y...

Calculus
1.2K views

Find two positive numbers whose product is 143 and whose sum is a minimum

Accounting
1.2K views

A. 553,700 B. $46.000 C. $38,500 D. $65.600

Accounting
1.2K views

Giant acquired all of Small's common stock on January 1, 2017, in exchange for cash...

Accounting
1.2K views

-/10 E View Policies Current Attempt in Progress Cost-volume-profit analysis can also be used in...

Accounting
1.2K views

David was very excited to hear about the potential tax savings from shifting income from...

Accounting
1.2K views

Ahmed owns Ahmed Manufacturing LLC based in Muscat. In deciding on several important business-related decisions,...