(Solution) 12 Match The Following Accounting Assumptions To The Appropriate Explanations That Follow: Entity Assumption Going-concern Assumption Periodicity... | Snapessays.com


(Solution) 12 Match the following accounting assumptions to the appropriate explanations that follow: Entity Assumption Going-concern assumption Periodicity...


I have attached the question in a PDF form and an excel spreadsheet for the answers. Thanks you very much for your help.B-15.12

 

Match the following accounting assumptions to the appropriate explanations that follow:

 

Entity Assumption

 

Going-concern assumption

 

Periodicity assumption

 

Monetary unit assumption

 

Stable currency assumption

 

(a)

 

Overcomes mixing alternative measurements into the financial statements.

 

(b)

 

A continuous business process can be segmented into discrete intervals.

 

(c)

 

Provides for an orderly allocation of costs and revenues over extended time periods.

 

(d)

 

Justification for consolidating the accounts of separate legal entities.

 

(e)

 

Because of this, changing currency values due to inflation effects are disregarded.

 


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This question was answered on: May 23, 2022

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