Match the Letter of Each Principle or Assumption or Qualitative

question 88

Multiple Choice

Match the letter of each principle or assumption or qualitative characteristic with the appropriate statement.
-Deals with the problem of when to recognize revenue.

• A)Business entity
• B)Going concern
• C)Time period
• D)Monetary unit
• E)Historical cost
• F)Conservatism
• G)Realization
• H)Consistency
• I)Full disclosure
• J)Verifiability
• K)Materiality
• L)Industry practices

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Definitions:

Environment

The surroundings or conditions in which a person, animal, or plant lives or operates.

Patent

A form of intellectual property right that grants the inventor exclusive rights to a new invention for a specified period.

Social Responsibility

The obligation of individuals or organizations to act for the benefit of society at large.

Amalgamated Enterprises

Companies that have combined or merged their resources and operations to form a single, larger organization.