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Which accounting concepts should be considered

Assignment Help Financial Accounting
Reference no: EM132966272

Problem 1: Assets are usually valued under which basis?

A) Historical cost

B) Replacement cost

C) Net realizable value

Problem 2: Which accounting concepts should be considered if the owner of a business takes goods from inventory for his personal use?

A) The substance over form.

B) The business entity concept.

C) The going concern concept.

D) The accrual concept.

Problem 3: Which of the following best explains the feature of consistency of presentation?

A) Firms in the same industry must account for similar items in the same way.

B) When preparing the accounts of a firm, one should normally account for similar items in the same was from one accounting period to the next.

C) Firms must comply with accounting standards and regulations.

Reference no: EM132966272

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