(Question and Answer): onomic entity assumption.Historical cost principle.Going concern assumption.Full dis

Exercise 2-12


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Identify the accounting assumption or principle that is described below.

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(Question and Answer): onomic entity assumption.Historical cost principle.Going concern assumption.Full dis

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(a)	Economic entity assumption.Historical cost principle.Going concern assumption.Full disclosure principlePeriodicity assumptionMonetary unit assumption.	Is the rationale for why plant assets are not reported at liquidation value. (Note: Do not use the historical cost principle.)
(b)	Historical cost principle.Going concern assumption.Economic entity assumption.Monetary unit assumption.Periodicity assumption fully disclosure principle	Indicates that personal and business record-keeping should be separately maintained.
(c)	Monetary unit assumption.Economic entity assumption.Going concern assumption.Periodicity assumptionFull disclosure principle historical cost principle.	Assumes that the dollar is the “measuring stick” used to report on financial performance.
(d)	Monetary unit assumption.Periodicity assumption.Going concern assumption.Historical cost principle.Economic entity assumption.Full disclosure principle.	Separates financial information into time periods for reporting purposes.
(e)	Economic entity assumption.Monetary unit assumption.Full disclosure principle.Going concern assumption.Periodicity assumption.Historical cost principle.	Measurement basis used when a reliable estimate of fair value is not available.
(f)	Full disclosure principleGoing concern assumption.Monetary unit assumption.Periodicity assumption.Historical cost principle.Economic entity assumption.	Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

Expert Answer

a.	Going concern assumption	Is the rationale for why plant assets are not reported at liquidation value.
b.	Economic entity assumption	Indicates that personal and business record-keeping should be separately maintained.
c.	Monetary unit assumption	Assumes that the dollar is the “measuring stick” used to report on financial performance
d.	Periodicity assumption	Separates financial information into time periods for reporting purposes.
e.	Historical cost principle	Measurement basis used when a reliable estimate of fair value is not available.
f.	Full disclosure principle	Dictates that companies should disclose all circumstances and events that make a difference to financial statement users.

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