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Which the idea that assests and income should be overstated

Assignment Help Financial Accounting
Reference no: EM132658181

Problem 1: Financial records are are usually maintained using an assumption that the business intends to continue its operations for the foreseeable future. This concept is referred to as the:

A) Consistency concept

B) Going concern concept

C) Prudence concept

D) Matching concept

Problem 2: The idea that assests and income should be overstated, and liabilities and expenses should not be understated is called the :

A) Consistence concept

B) Going concern concept

C) Prudence concept

D) Matching concept

Problem 3: Which one of the following concepts best assists users of financial statements when they need to compare information on financial statements?

A) Matching concept

B) Accrual concept

C) Consistency concept

D) Prudence concept

Reference no: EM132658181

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