Revenue is recognized in the accounting period in which the performance obligation is satisfied. Information is reasonably free from error. According to the FASB conceptual framework, which of the following elements describes transactions or events that affect a company during a period of time.
Depreciation, according to investopedia is a method of allocating the cost of a tangible asset over its useful life. With every purchase of a new machinery comes the depreciation value of the machine.
Historical cost principle violation. In the period when the vendor invoice is received. Historical cost principle k.
Which of the following is a component of the revenue recognition principle. The cumulative effect of change in there will When no association with revenue is evident and no future benefits are expected, expenses are recognized immediately.
What is the primary objective of financial reporting as indicated in the conceptual framework. The reason's are basically two, firstly because depreciation is a way of self finance for an organization and secondly because is a way of decreasing taxes that the government claims as the company doesn't have to pay taxes on depreciation which consequently enlarges the cash flow of the company.
A decrease in net assets arising from peripheral or incidental transactions is called a n a. Full disclosure principle It is unlikely that the basic concepts related to the existing conceptual framework will change.
The economic entity assumption a. Fair values are subjective. Which of the following is an application of the principle of rational and systematic allocation. Which of the following depreciation methods would you recommend: On november 1, Broom company received a bank statement All of us must have heard about depreciation and know that it is deducted before arriving at Net Profit.
In the conceptual framework for financial reporting, what provides "the why"--the purpose of accounting. Constraints to limit the cost of reporting.
Which of the following is commonly referred to as the matching principle. The building was built In addition, the company expects that new.
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