Reference no: EM132995871

Problem 1: 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 2: 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

Problem 3: Revenue is generally recognized when realized or realizable and earned. This statement describes the

A) consistency characteristic.

B) matching principle.

C) revenue recognition principle.

D) relevance characteristic.