AC 501 Unit 1 Homework Assignment
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homework-assignment
E2-7 (Assumptions, Principles, and Constraints): Presented below are
the assumptions, principles, and constraints used in this chapter.
Economic entity assumption 5.Historical-cost principle 9. Materiality
Going-concern assumption 6.Matching principle 10. Industry practices
Monetary unit assumption 7. Full disclosure principle
Conservatism
11.
Periodicity assumption 8. Cost-benefit relationship
Instructions
Identify by number the accounting assumption, principle, or constraint
that describes each situation below. Do not use a number more than
once.
E2-8 (Assumptions, Principles, and Constraints): Presented below are a
number of operational guidelines and practices that have developed
over time.