Match each of the
following basic concepts and principles to the appropriate
description.
Conservatism
Expense
recognition
Consistency
Materiality
Disclosure
The accountant should
exercise the option...
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Accounting
Match each of thefollowing basic concepts and principles to the appropriatedescription.
Conservatism
Expenserecognition
Consistency
Materiality
Disclosure
The accountant shouldexercise the option that results in a lower balance of assets,lower net income or a higher balance of debt.
This refers to thesignificance of information to users. The more significant a pieceof information is means that it could influence or change a user'sdecision.
Answer & Explanation
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Expense recognition It states that expenses incurred in an accounting period should be matched with revenues during that period The expense recognition concept implies that all revenues earned during an accounting year whether received during that year or not and all costs incurred whether paid during the year or not should be taken into account while ascertaining profit or loss for that year Disclosure Principle The principle of disclosure requires that all material and relevant facts concerning financial performance of an enterprise must be fully and completely disclosed in
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