Identify the accountancy assumption, principle, or constraintthat describes each situation listed below. Do not usage any asumption,principle or constraint more than as soon as.

You are watching: Rationale why plant assets are not reported at liquidation value

(a) Is the rationale for why plant assets are not reported atliquidation value. (Do not use the historical cost principle.)

Monetaryunit assumption/ Revenue acknowledgment principle/ Cost constraint/Historical cost principle/ Materiality/ Economic entity assumption/Expense recognition principle/ Periodicity assumption/ Fulldisclosure principle/ Going problem assumption

(b) Indicates that individual and company record-keeping have to beindividually kept.

Materiality/Cost constraint/ Periodicity assumption/ Expense recognitionprinciple/ Monetary unit assumption/ Revenue recognition principle/Historical cost principle/ Going concern assumption/ Fulldisclocertain principle/ Economic entity assumption

(c) Ensures that all pertinent financial information isreported.

Economicentity assumption/ Historical expense principle/ Monetary unitassumption/ Materiality/ Full disclocertain principle/ Going concernassumption/ Periodicity assumption/ Revenue recognition principle/Expense acknowledgment principle/ Cost constraint

(d) Assumes that the dollar is the “measuring stick” used to reporton financial performance.

Periodicityassumption/ Full disclocertain principle/ Expense recognitionprinciple/ Materiality/ Historical price principle/ Monetary unitassumption/ Cost constraint/ Going worry assumption/ Revenuerecognition principle/ Economic entity assumption

(e) Requires that accountancy requirements be complied with for all itemsof significant dimension.

Revenuerecognition principle/ Materiality/ Going worry assumption/ Fulldisclosure principle/ Cost constraint/ Historical price principle/Economic entity assumption/ Expense acknowledgment principle/ Monetaryunit assumption/ Periodicity assumption

(f) Sepaprices financial indevelopment right into time durations for reportingobjectives.

Economicentity assumption/ Historical expense principle/ Materiality/ Expenserecognition principle/ Revenue recognition principle/ Going concernassumption/ Cost constraint/ Full disclocertain principle/ Monetaryunit assumption/ Periodicity assumption

(g) Requires acknowledgment of prices in the same duration as relatedearnings.

Periodicityassumption/ Monetary unit assumption/ Historical price principle/Revenue recognition principle/ Going worry assumption/Materiality/ Cost constraint/ Economic entity assumption/ Expenseacknowledgment principle/ Full disclocertain principle

(h) Indicates that fair value alters succeeding to purchase arenot videotaped in the accounts.

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Monetaryunit assumption/ Historical price principle/ Economic entityassumption/ Expense acknowledgment principle/ Periodicity assumption/Cost constraint/ Materiality/ Full disclocertain principle/ Goingconcern assumption/ Revenue recognition principle


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