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Questions and Answers
Which principle states that financial statements are to be divided into specific time intervals?
Which principle states that financial statements are to be divided into specific time intervals?
- Disclosure principle
- Cost principle
- Objectivity principle
- Time period principle (correct)
Which principle states that a business enterprise is separate and distinct from its owner or investor?
Which principle states that a business enterprise is separate and distinct from its owner or investor?
- Business entity principle (correct)
- Time period principle
- Going concern principle
- Monetary unit principle
Which principle states that financial statements must be presented with supporting evidence?
Which principle states that financial statements must be presented with supporting evidence?
- Cost principle
- Accrual Accounting Principle
- Disclosure principle
- Objectivity principle (correct)
Which principle states that amounts are stated into a single monetary unit?
Which principle states that amounts are stated into a single monetary unit?
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Which principle states that revenue should be recognized when earned regardless of collection and expenses should be recognized when incurred?
Which principle states that revenue should be recognized when earned regardless of collection and expenses should be recognized when incurred?
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