Items not easily quantified in dollar terms are not reported in the financial statements.
2.select an optionaccounting information must be complete, neutral, and free from error.
3.select an optionpersonal transactions are not mixed with the company’s transactions.
4.select an optionthe cost to provide information should be weighed against the benefit that users will gain from having the information available.
5.select an optiona company’s use of the same accounting principles from year to year.
6.select an optionassets are recorded and reported at original purchase price.
7.select an optionaccounting information should users predict future events, and should confirm or correct prior expectations.
8.select an optionthe life of a business can be divided into artificial segments of time.
9.select an optionthe reporting of all information that would make a difference to financial statement users.
10.select an optionthe judgment concerning whether an item’s size makes it likely to influence a decision-maker.
11.select an optionassumes a business will remain in operation for the foreseeable future.
12.select an optiondifferent companies use the same accounting principles.