Reference no: EM132996337
Problem 1: The accounting principle of matching is best demonstrated by
A)not recognizing any expense unless some revenue is realized.
B)associating effort (expense) with accomplishment (revenue).
C)recognizing prepaid rent received as revenue.
D)establishing an Appropriation for Contingencies account.
Problem 2: Valuing assets at their liquidation values rather than their cost is inconsistent with the
A)periodicity assumption.
B)matching principle.
c)materiality constraint.
D)historical cost principle.
Problem 3: Which of the following is an implication of the going concern assumption? (You can choose more than 1 options)
A)The historical cost principle is credible.
B)Depreciation and amortization policies are justifiable and appropriate.
C)The current-noncurrent classification of assets and liabilities is justifiable and signify-cant.
Problem 4: Which of the following, in the most precise sense, means the process of converting noncash resources and rights into cash or claims to cash?
A)Recognition
B)Measurement
C)Realization
D)Allocation
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