True or False
1. Accounting Principles and concepts are guidelines to
follow in recording and communication of accounting
information.
2. The separate entity concept is necessary to objectively
measure a company’s performance.
3.Accrual basis of accounting states that a business must
record revenue only when the selling price is collected.
4. An example of a calendar period is a period of one year
that starts on July 1 of the year and ends on June 30 next
year.
5. A closed company due to violation is a going concern.
6. An item that is material by one business is considered
material by all other businesses.
7. The purpose of the separate entity concept is to report
the true and fair picture of the business financial affairs.
8. Consistency means similar transaction must be
accounted for in the same manner.
9. Information is material it its exclusion or omission could
affect the decision.
10. The cost incurred should exceed the benefits expected
to be derived.
Answers
Answered by
1
Answer:
1. true
2. false
3. false
4.false
5. false
6.false
7.true
8.true.
9.true.
10. fase
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