Question

Name the following principles or assumptions.

1) The assumption, which states that a business enterprises will not be sold or liquidated in the future.

2) Recognition of expenses in the same period as associated revenues.

3) Classification of assets as current and fixed assets.

4) Appending notes to the financial statements​

Answer 1

Answer:

1. Going concern principle

2. Matching principle

3. Going concern principle

4. Full disclosure principle