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Chapter 2 Accounting Principles fully solved
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Chapter 2 Accounting Principles fully solved
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Chapter 2 : Accounting Principles fullysolved
balance sheet - answer a financial statement that reports the assets, liabilities, and
stockholders, equity at a specific date.
comparability - answer ability to compare accounting information of different companies
because they use the same accounting principles.
conceptual framework - answer a coherent system of interrelated objective and fundamentals
that can lead to consistent standards.
conservatism - answer the approach of choosing an accounting method when in doubt that will
least likely overstate assets and net income.
consistency - answer use of the same accounting principles and methods from year to year
within a company.
cost principle - answer accounting principle that assets should be recorded at their historical
cost.
economic entity assumption - answer accounting assumption that economic events can be
identified with a particular unit of accountability.
elements of financial statements - answer definitions of basic terms used in accounting.
full disclosure principle - answer accounting principle that circumstances and events that make
a difference to financial statements users should be disclosed.
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