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Match the Following with the Descriptions Below

Question 98

Matching

Match the following with the descriptions below.

Premises:

Responses:

The concept that requires that the success or failure of the business be determined at regular intervals.

Monetary Unit Concept

A system in which income is measured as the difference between the revenues earned and the expenses incurred during the period, regardless of when cash is paid or received.

Periodicity Concept

A legal concept says the money invested in a corporation is at risk but investors' personal possessions are not at risk if the business fails.

Business Entity Concept

The concept that requires an accounting system to reflect only information about the economic events that pertain to a particular entity.

Accrual Basis of Accounting

The concept that asserts money is the common measurement unit.

Going Concern Concept

The concept that assumes that, absent any information to the contrary, the business entity will continue to into the foreseeable future.

Limited Liability

Premises:

The concept that requires that the success or failure of the business be determined at regular intervals.

A system in which income is measured as the difference between the revenues earned and the expenses incurred during the period, regardless of when cash is paid or received.

A legal concept says the money invested in a corporation is at risk but investors' personal possessions are not at risk if the business fails.

The concept that requires an accounting system to reflect only information about the economic events that pertain to a particular entity.

The concept that asserts money is the common measurement unit.

The concept that assumes that, absent any information to the contrary, the business entity will continue to into the foreseeable future.

Responses:

Monetary Unit Concept

Periodicity Concept

Business Entity Concept

Accrual Basis of Accounting

Going Concern Concept

Limited Liability

Correct Answer:

Premises:

Responses:

The concept that requires that the success or failure of the business be determined at regular intervals.

A system in which income is measured as the difference between the revenues earned and the expenses incurred during the period, regardless of when cash is paid or received.

A legal concept says the money invested in a corporation is at risk but investors' personal possessions are not at risk if the business fails.

The concept that requires an accounting system to reflect only information about the economic events that pertain to a particular entity.

The concept that asserts money is the common measurement unit.

The concept that assumes that, absent any information to the contrary, the business entity will continue to into the foreseeable future.

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