$ 11.88

ACCCOB1 Accounting Principles Questions With Answers Verified 100%

ACCCOB1 Accounting Principles
Questions With Answers Verified
100%
GAAP - ANSWER Generally Accepted Accounting Principles.
The standards and rules that accountants follow while recording
and reporting financial activities. It encompasses the procedures
accepted in the accounting process.
IASB - ANSWER International Accounting Standards Board.
They actively develop and issue accounting standards that will to
be followed internationally. Its purpose is to narrow down the
differences in the world when preparing a financial statement.
Conceptual Framework of Financial Reporting - ANSWER 1.
Underlying Assumption
a. Entity principle
b. Going concern
c. Monetary Unit
d. Time Period
2. General Principles
a. Historical cost principle
b. Revenue recognition principle
c. Matching principle
d. Accrual basis principle
e. Full disclosure principle
3. Modifying Constraints
a. Materiality
b. Cost-benefit analysis
c. Conservatism
d. Industry practice
4. Qualitative Characteristics
a. Usefulness
b. Understandability
c. Relevance
d. Reliability
e. Neutrality
f. Comparability
g. Consistency
Underlying Assumptions - ANSWER 1. Entity concept
2. Going concern
3. Monetary Unit
4. Time Period
General Principles - ANSWER 1. Historical cost principle
2. Revenue recognition principle
3. Matching principle
4. Accrual basis principle
5. Full disclosure principle
Modifying Constraints - ANSWER 1. Materiality
2. Cost-benefit analysis
3. Conservatism
4. Industry practice
Qualitative Characteristics - ANSWER 1. Usefulness
2. Understandability
3. Relevance
4. Reliability
5. Neutrality
6. Comparability
7. Consistency
Entity Concept - ANSWER A business or an organization and its
owners are treated as two separate parties. Establishes
boundaries in what should be recorded in the financial statements
of the business.
Going Concern / Continuity Assumption - ANSWER States that
businesses are assumed to continue to operate into the future
unless there is an evidence that the business will not continue to
operate. Going concern will then become liquidating concern.
Monetar

Preview document (3 of 5 pages)

Download all 5 pages for $ 11,88

Add document to cart

Report document

Knoowy benefits

$ 11,88

Add document to cart

Money back guarantee
Documents can be downloaded immediately
$0.50 discount when paying with balance
Receive free quiz questions with document

Specifications

Level: University
School: Chamberlain College Of Nursing
Course: NURSING
Year of study: 2024
Document
Section: Examinations
Made on: 01-25-2024
Type: .pdf
Pages: 5
Language: English
Tags
ACCCOB1 Accounting Principles Questions With Answers Verifi ACCCOB1 Accounting Principles Questions With Answers Verified 100%

Seller

OSOREBRILLIANT

366 documents uploaded

27 documents sold

Send message

Follow

EXCELLENT HOMEWORK HELP AND TUTORING ,ALL KIND OF QUIZ AND EXAMS WITH GUARANTEE OF A EXCELLENT HOMEWORK HELP AND TUTORING ,ALL KIND OF QUIZ AND EXAMS WITH GUARANTEE

▼ Toon meer