Answer Happy

n Question Set A sound accounting framework allows for all of the following benefits except: Identical items being reported on the financial statements of different companies Increased reliability and relevance of financial statements Consistency in financial reporting across industries Uniform comparisons between companies
3 Match the correct description to each of the accounting principles Teview Late Conservatism Principle Historical Cost Principle Objectivity Principle A. It states that assets and liabilities are recorded on the financial statements at the cost at which they were acquired or assumed B. It states that transactions carried out by a business are separated from those conducted by its owner C.It states that the expenses of a business should be recorded in the periods in which the corresponding revenues are earned Economic Entity Principle Matching Principle D. It states that financial statements must be free from bias and based on verifiable evidence E. It provides guidance on how to record transactions when there is uncertainty