FAR 9.3.2016.2

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  1. Reporting inventory at the lower of cost or market is a departure from the accounting principle of:
    historical cost.
  2. Financial accounting is primarily based on the ------------------ cost principle which specifies that assets be recorded and carried at their --------------- acquisition cost.
    Financial accounting is primarily based on the historical cost principle which specifies that assets be recorded and carried at their historical acquisition cost.
  3. ------------------------- are an increase in net assets from results of operations, retained by the corporation for use in the enterprise.
    Retained earnings are an increase in net assets from results of operations, retained by the corporation for use in the enterprise.
  4. Where in its financial statements should a company disclose information about its concentration of credit risks?
    The notes to the financial statements

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Author:
Joens1313
ID:
322898
Filename:
FAR 9.3.2016.2
Updated:
2016-09-03 21:54:58
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FAR
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FAR
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