Accounting Peregrine Exam 2024- 2025 Latest Version Questions And Verified Answers

Accounting Peregrine Exam 2024-2025 LATEST VERSION QUESTIONS AND VERIFIED ANSWERS Relevance The quality of information that indicates the information makes a difference in a decision. Reliability the quality of information that gives assurance that it is free of error and bias Comparability Ability to compare the accounting information of different companies because they use the same accounting principles. Consistency use of the same accounting principles and methods from year to year within a company Monetary Unit Assumption Only items that be expressed in money are included in the accounting records Economic Entity Assumptionevery economic entity can be separately identified and accounted for Time Period The life of a business is divided into meaningful time periods for financial reporting Going Concern Assumption Entity will continue to operate long enough to recover the cost of its assets Revenue Recognition Principle a revenue should be recorded when a resource has been earned Matching Expenses are matched with related values in the same accounting period Cost Principle A principle that states that acquired assets and services should be recorded at their actual cost. Full Disclosure Principle A company reports details behind financial statements that would impact users' decisions. Materiality ConstraintWhether an item was large