Fill in the Blanks Below with the Accounting Principle, Assumption

question 43

Short Answer

Fill in the blanks below with the accounting principle, assumption, or related item that BEST completes each sentence.
1. Recognition of revenue at the end of production is an allowable exception to the ______________________ principle.
2. Parenthetical balance sheet disclosure of the inventory method utilised by a particular company is an application of the _______________________ principle.
3. Corporations must prepare accounting reports at least yearly due to the _______________________ assumption.
4. Some costs, which give rise to future benefits cannot be directly associated with the revenues they generate. Such costs are allocated in a ____________________ and ______________________ manner to the periods expected to benefit from the cost.
5. _______________________ would allow the expensing of all repair tools when purchased, even though they have an estimated life of 3 years.
6. The ________________________ characteristic requires that the same accounting method be used from one accounting period to the next, unless it becomes evident that an alternative method will bring about a better description of a firm's financial situation.
7. _________________________ and _______________________ are the two primary qualities that make accounting information useful for decision making.
8. Information which helps users confirm or correct prior expectations has ________________________.
9. __________________________ enables users to identify the real similarities and differences in economic phenomena because the information has been measured and reported in a similar manner for different enterprises

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Definitions:

Perseverative Functional Autonomy

A psychological concept referring to the tendency of certain behaviors and habits to persist beyond their original motivation or context.

Traits

Enduring characteristics or qualities that define an individual's behavior and personality.

Ego Dispositions

The tendencies or characteristics of the ego that influence an individual's thoughts, feelings, and behaviors.

Personal Dispositions

Individual characteristics or tendencies that influence behavior, thoughts, and emotions in various situations.