|Your answer is incorrect. Try again.|
Identify the accounting assumption or principle that is described below.
|(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.|