Question

(Assumptions, Principles, and Constraint) Presented below are the assumptions, principles, and

Answer 1

The accounting principles, assumptions, and constraints describes are identified as follows: A) 7, B) 6, C) 8, D) 9, E) 1, F) 4, G) 3.

What are Accounting Principles?

These are rules or laws that govern the reporting and recording of the financial information of a business.

7 - Expense Recognition Principle: This holds the rule of thought that expenses made ought to be recorded in the books or recognized in the same time frame as the revenue transactions they are related to.

3 - Monetary Unit Principle: This law indicates that if a transaction cannot be expressed in a currency, then it shouldn't be recorded. This means "in-kind" transactions and favors hold no place in proper Financial Bookkeeping practice.

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