Identify the bookkeeping assumption, principle, or constraintthat describes each situation listed below. Do not usage any kind of asumption,principle or constraint even more than when.

You are watching: Indicates that personal and business record-keeping should be separately maintained.

(a) Is the rationale for why plant assets are not reported atliquidation worth. (Do not use the historical price principle.)

Monetaryunit assumption/ Revenue acknowledgment principle/ Cost constraint/Historical expense principle/ Materiality/ Economic entity assumption/Expense recognition principle/ Periodicity assumption/ Fulldisclosure principle/ Going issue assumption

(b) Indicates that personal and also service record-maintaining should beindependently kept.

Materiality/Cost constraint/ Periodicity assumption/ Expense recognitionprinciple/ Monetary unit assumption/ Revenue acknowledgment principle/Historical expense principle/ Going worry assumption/ Fulldisclocertain principle/ Economic entity assumption

(c) Ensures that all relevant financial indevelopment isreported.

Economicentity assumption/ Historical cost principle/ Monetary unitassumption/ Materiality/ Full disclosure principle/ Going concernassumption/ Periodicity assumption/ Revenue acknowledgment principle/Expense acknowledgment principle/ Cost constraint

(d) Assumes that the dollar is the “measuring stick” used to reporton financial performance.

Periodicityassumption/ Full disclosure principle/ Expense recognitionprinciple/ Materiality/ Historical cost principle/ Monetary unitassumption/ Cost constraint/ Going worry assumption/ Revenueacknowledgment principle/ Economic entity assumption

(e) Requires that accounting standards be complied with for all itemsof significant dimension.

Revenuerecognition principle/ Materiality/ Going worry assumption/ Fulldisclocertain principle/ Cost constraint/ Historical cost principle/Economic entity assumption/ Expense recognition principle/ Monetaryunit assumption/ Periodicity assumption

(f) Sepaprices financial information right into time periods for reportingobjectives.

Economicentity assumption/ Historical expense principle/ Materiality/ Expenserecognition principle/ Revenue acknowledgment principle/ Going concernassumption/ Cost constraint/ Full disclosure principle/ Monetaryunit assumption/ Periodicity assumption

(g) Requires recognition of prices in the very same duration as relatedprofits.

Periodicityassumption/ Monetary unit assumption/ Historical cost principle/Revenue acknowledgment principle/ Going concern assumption/Materiality/ Cost constraint/ Economic entity assumption/ Expenserecognition principle/ Full disclosure principle

(h) Indicates that fair worth transforms succeeding to purchase arenot videotaped in the accounts.

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Monetaryunit assumption/ Historical price principle/ Economic entityassumption/ Expense recognition principle/ Periodicity assumption/Cost constraint/ Materiality/ Full disclosure principle/ Goingconcern assumption/ Revenue acknowledgment principle


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