Download: There Are 10 Statements Solution

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There are 10 statements.
FILL IN THE BLANKS WITH THE TERMS BELOW:
REVENUE RECOGNITION THE MATERIALITY CONVENTION RELEVANCE
CONSISTENCY RELIABILITY FULL DISCLOSURE
CONSERVATISM FEEDBACK VALUE COMPARABILITY
SYSTEMATIC PERIODICITY RATIONAL
and are the two primary qualities that make accounting information useful for decision making.
Information that helps users confirm or correct prior expectations has
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.
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.
would allow the expensing of all repair tools when purchased, even though they have an estimated life of 3 years.
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.
guides accountants to select the accounting treatment that is leas likely to overstate income and assets.
Balance Sheet disclosure of the inventory method utilized by a particular company is an application of the
Corporations must prepare accounting reports at least yearly due to the assumption.
Recording and reporting inflows at the end of production is an allowable exception to the principle.

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