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Which is correct regarding asset recognition

Assignment Help Accounting Basics
Reference no: EM132817117

Problem 1: which of the following statements is true

a. in current practice accounting provides only quantitative information that is useful in making economic decisions

b. external users are those who do not have the authority to demand financial reports tailored to their specific needs

c. under the stable monetary unit assumption the owners of the business and the business are viewed as a single reporting entity. Therefore, the personal transactions of the owners are recorded in the books of accounts

d. the practice of accountancy in the Philippines is regulated under RA 9892

Problem 2:  which of the following is correct regarding asset recognition

a. items that do not meet all the requirements for recognition are always ignored

b. before an entity recognizes an item as an asset the item must be owned by the entity

c. physical form is necessary for an item to be recognized as an asset

d. costs are recognized as assets if they meet the definition of an asset as well as the recognition criteria a probable future economic benefits and reliable measurement of cost or other value

Reference no: EM132817117

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