Question

Learning Task 3: Identify the concepts of accounting in the given situations.
A. Matching principle
B. Accrual accounting
C. Monetary unit
D. Full disclosure principle
E. Materiality principle
F. Cost principle

1. A barber who performs services to clients should record revenue.

2. All relevant information should be included in the financial reports.

3. Expenses should be recorded in the period when the revenue is generated

4. A company that purchases furniture should record it at its acquisition
cost.

5. Minimal costs incurred should be recorded as expense.

6. A Philippine company should report financial statements in pesos.​

Answer 1

Answer:

2 - D

3 - E

5 - F

hope i done it correct