Question

1: Which of the following Principles of Accounting separate the Accounting Profession from the Appraisal Professions...

1: Which of the following Principles of Accounting separate the Accounting Profession from the Appraisal Professions

Question 1 options:

Economic Entity or Business Entity

Matching

Revenue Recognition

Going Concern or Continuing Concern
Business   Accounting   
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Homework Answers

Answer #1

Answer - Economic Entity or Business Entity.

Explanation -

They are fundamental Assumptions & Principles.

  1. Economic Entity Assumption - Entity is defined considering an identifiable set of activities (e.g., parent corporation, subsidiary), Separation of business (Accounting Profession) from its owners (Appraisal Professions)
  2. Going concern Assumptions - Entity will continue to operate in the foreseeable future.
  3. Matching Principle - To arrive at profit/income, related expenses incurred should be matched to the revenues, (Exception - Recognition of losses resulting from unusual events).
  4. Revenue recognition principle - Entity should recognize revenue to depict the transfer of promised goods/services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods/services.
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