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Information relative to litigation was not reported on the

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Reference no: EM13481957

Listed below are several assumptions and principles followed by transactions and events which violate the assumptions and principles. Match the terms with the violations.

(A) economic entity (B) full disclosure (C) going concern (D) historical cost (E) expense recognition (F) monetary unit (G) periodicity

(H) revenue recognition

1. Assets were reported in the financial statements at liquidation values, although the company was on sound financial footing.

2. Financial statements are issued on an irregular basis.

3. Information relative to litigation was not reported on the financial statements for fear it would drive the price of the company's shares down prior to a public offering.

4. Plant assets have been written up to relect a booming real estate market.

5. A company reports a wholly owned Mexican subsidiary in pesos.

6. Personal assets have been included in the financial statements of closely held company.

7. Revenue was recorded upon receipt of a firm order from a well established customer.

8. Due but unpaid salaries at year end were charged to expense in the following year.

Reference no: EM13481957

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