State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases.
1. All significant post-balance sheet events are reported.

2. Personal transactions of the proprietor are distinguished from business transactions.

3. Goodwill is capitalised and amortised over the periods benefited.

4. Assuming that dollars today will buy as much as 10 years ago.

5. Rent paid in advance is recorded as prepaid rent.

6. Financial statements are prepared each year.

7. All payments less than $25 are expensed as incurred. (Do not use conservatism.)

8. The company employs the same inventory valuation method from period to period.

Question

State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases.
1. All significant post-balance sheet events are reported.

2. Personal transactions of the proprietor are distinguished from business transactions.

3. Goodwill is capitalised and amortised over the periods benefited.

4. Assuming that dollars today will buy as much as 10 years ago.

5. Rent paid in advance is recorded as prepaid rent.

6. Financial statements are prepared each year.

7. All payments less than $25 are expensed as incurred. (Do not use conservatism.)

8. The company employs the same inventory valuation method from period to period.

Quizplus · Accepted Answer

The Answer of State the accounting assumption, principle, information characteristic, or constraint that is most applicable in the following cases.
1. All significant post-balance sheet events are reported.