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do it review 24 the following are characteristics assumptions principles...

Question: do it review 24 the following are characteristics assumptions principles...

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Do It! Review 2-4 The following are characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards Match each charateristics with a description below Items not easily quantified in dollar terms are not reported in the financial statements. Accounting information must be complete, neutral, and free from error. Personal transactions are not mixed with the companys transactions. The cost to provide information should be weighed against the benefit that users will gain from having the information available. A companys use of the same accounting principles from year to year. s. 6. Assets are recorded and reported at original purchase price. Accounting information should help users predict future events, and should confirm or correct prior expectations The life of a business can be divided into artificial segments of time. 8. 9. 10. The reporting of all information that would make a difference to financial statement users. The judgment concerning whether an items size makes it likely to influence a decision-maker Assumes a business will remain in operation for the foreseeable future. 12. Different companies use the same accounting principles. LINK TO TEXT

Acgnunting information must be complete, neutral, and free from error al transactions are not mixed with the companys transactions. Relevance Materiality Economic entity assumption Periodicity assumption Historical cost principle Comparability Faithful representation Full disclosure principle Consistency Cost constraint Going concern assumption Monetary unit assumption st to provide information should be weighed against the benefit that users in from having the information available. panys use of the same accounting principles from year to year are recorded and reported at original purchase price. ting information should help users predict future events, and should n or correct prior expectations. e of a business can be divided into artificial segments of time. porting of all information that would make a difference to financial ent users. dgment concerning whether an items size makes it likely to influence a maker a business will remain in operation for the foreseeable future. companies use the same accounting principles. Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER

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