Identify the accountancy principle that describes each situationbelow. Do not use any type of principle more than when.

You are watching: Requires that accounting standards be followed for all items of significant size

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

Indicates that personal and service recordkeeping should beseparately preserved.

Ensures that all relevant financial indevelopment is reported.

Assumes that the dollar is the “measuring stick” offered to reporton financial performance.

Requires that bookkeeping standards be adhered to for all items ofsignificant size.

Separates financial indevelopment right into time periods for reportingpurposes.

Requires acknowledgment of prices in the same duration as relatedrevenues.

Indicates that fair value transforms succeeding to purchase are notvideotaped in the accounts.

a.choose the accounting concept

Full disclocertain principleMonetary unit assumptionHistorical costprincipleRevenue recognition principleCost constraintExpenserecognition principlePeriodicity assumptionEconomic entityassumptionMaterialityGoing problem assumption the accounting concept

Economic entity assumptionGoing worry assumptionExpenserecognition principleMonetary unit assumptionPeriodicityassumptionHistorical expense principleMaterialityFull disclosureprincipleRevenue recognition principleCost constraint

c.pick the accountancy concept

Cost constraintPeriodicity assumptionExpense recognitionprincipleHistorical price principleMaterialityFull disclosureprincipleGoing concern assumptionRevenue recognitionprincipleEconomic entity assumptionMonetary unit assumption

d.choose the accountancy concept

Full disclosure principleGoing issue assumptionPeriodicityassumptionHistorical expense principleMonetary unitassumptionMaterialityRevenue recognition principleCostconstraintExpense acknowledgment principleEconomic entityassumption

e.pick the audit concept

Cost constraintHistorical cost principleGoing concernassumptionMaterialityExpense recognition principleEconomic entityassumptionFull disclocertain principleMonetary unit assumptionRevenueacknowledgment principlePeriodicity assumption the bookkeeping concept

Monetary unit assumptionGoing worry assumptionCostconstraintPeriodicity assumptionEconomic entity assumptionRevenueacknowledgment principleExpense recognition principleHistorical costprincipleMaterialityFull disclocertain principle

g.pick the bookkeeping concept

Cost constraintPeriodicity assumptionGoing concernassumptionFull disclocertain principleEconomic entityassumptionExpense recognition principleHistorical costprincipleMonetary unit assumptionMaterialityRevenue recognitionprinciple


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pick the bookkeeping concept

Revenue acknowledgment principleHistorical expense principleGoingproblem assumptionMaterialityFull disclosure principleCostconstraintEconomic entity assumptionExpense recognitionprincipleMonetary unit assumptionPeriodicity assumption