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Qualitative Characteristics Foundational Principles ...

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Question

Accounting

Qualitative Characteristics

Foundational Principles

Relevance (Feedback & Predictive)

Economic entity

Representational Faithfulness: complete, neutral, free from bias

Control

Comparability (consistency)

Revenue recognition and realization

Verifiability

Matching

Timeliness

Periodicity

Understandability

Monetary Unit

Going Concern

Historical Cost

Fair Value

Full Disclosure

ONLY ONE ANSWER FOR EACH.

  1. A company applies the same accounting principles as the previous year.

  1. A company reports asset at the amount originally paid for them

  1. A large invoice for repair services provided before year end is omitted from the financial statement to ensure there will not be a large variance in the statements from prior periods.

  1. A company uses accruals and deferrals in adjusting the accounts.

  1. A company recognized a large sale that occurred on January 2, 2021 as revenue in the December 31, 2020 financial statements.

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