Reference no: EM132946399
Problem 1: The financial statements should not be prepared with the intention to influence certain decisions. This is in accordance with the...............concept.
A. consistency
B. comparability
C. going concern
D. neutrality
Problem 2: The consistency concept states that ___________ .
A. a business should only record business transactions that can be stated in terms of a currency.
B. a business should change its auditor from year to year.
C. the same accounting methods should be used from year to year.
D. a business should not change the owners of a business.
Problem 3: Which of the following is true concerning comparability concept?
A. Business should record all relevant financial information whether it is favorable or not favorable for users decision making.
B. Users can carry out trend analysis and analyse whether the business's performance and position has improved across time.
C. Each business transaction has two aspects known as debit and credit.
D. Incomes and expenses incurred should be charged to the statement profit or loss in the same accounting period.
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Which the going concern assumption assumes that
: "The transaction in bookkeeping is concerned only with those facts which can be measured in monetary terms". This is in line with the.............. concept.
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Determine the amount of total revenue recorded
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