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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