Financial Accounting and Reporting Exam Questions and Verified Rationalized Answers | Graded A+
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Course
Financial
Institution
Financial
Financial Accounting and Reporting
Exam Questions and Verified
Rationalized Answers | Graded A+
Probable future sacrifices of economic benefits - Liabilities
Probable future economic benefits owned by the company - Assets
Inflows of assets from ongoing, major activities - Revenues
Decrease in...
Revenue recognition - ✔✔Recognizing revenue when it is earned and
realizable
The going concern assumption - ✔✔Assuming that the business will
continue to operate indefinitely
The economic entity assumption - ✔✔Treating the business as separate
from its owners
The periodicity assumption - ✔✔Dividing the economic life of a business
into artificial time periods
Revenue recognition - ✔✔Recognizing revenue when it is earned and
realizable
Expense recognition - ✔✔Recognizing expenses in the period incurred
The economic entity assumption - ✔✔Treating the business as separate
from its owners
The historical cost (original transaction value) principle - ✔✔Recording
assets at their original cost
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