The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards.
Monetary unit assumption
Economic entity assumption
Expense recognition principle
Time period assumption
Going concern assumption
Historical cost principle
Full disclosure principle
Match each item above with a description below.
1. Ability to easily evaluate one company’s results relative to another’s.
2. Belief that a company will continue to operate for the foreseeable future.
3. The judgment concerning whether an item’s size is large enough to matter to decision-makers.
4. The reporting of all information that would make a difference to financial statement users.
5. The practice of preparing financial statements at regular intervals.
6. The quality of information that indicates the information makes a difference in a decision.
7. A belief that items should be reported on the balance sheet at the price that was paid to acquire the item.
8. A company’s use of the same accounting principles and methods from year to year.
9. Tracing accounting events to particular companies.
10. The desire to minimize bias in financial statements.
11. Reporting only those things that can be measured in monetary units.
12. Dictates that efforts (expenses) be matched with results (revenues).
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more