Representational Faithfulness: complete, neutral, free from bias
Control
Comparability (consistency)
Revenue recognition and realization
Verifiability
Matching
Timeliness
Periodicity
Understandability
Monetary Unit
Going Concern
Historical Cost
Fair Value
Full Disclosure
ONLY ONE ANSWER FOR EACH.
A company applies the same accounting principles as the previous year.
A company reports asset at the amount originally paid for them
A large invoice for repair services provided before year end is omitted from the financial statement to ensure there will not be a large variance in the statements from prior periods.
A company uses accruals and deferrals in adjusting the accounts.
A company recognized a large sale that occurred on January 2, 2021 as revenue in the December 31, 2020 financial statements.
Answer & Explanation
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