1/27/23, 6:13 PMNWP Assessment Player UI Application https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=1abce6dc-9ce4-4578-b090-e17ec356b38c#/question/21/2View Policies Show Attempt History Your answer is correct. Presented below are a number of operational guidelines and practices that have developed over time. Select the assumption, principle, or constraint that most appropriately justi±es these procedures and practices. (Do not use qualitative characteristics.) (a) Fair value changes are not recognized in the accounting records. Measurement Principle (historica (b) Financial information is presented so that investors will not be misled. Full Disclosure Principle (c) Intangible assets are amortized over periods bene±ted. Expense Recognition Principle (d)Agricultural companies use fair value for purposes of valuing crops. Measurement Principle (fair valu (e) Each enterprise is kept as a unit distinct from its owner or owners. Economic Entity Assumption (f) All signi±cant post-balance-sheet events are disclosed. Full Disclosure Principle (g) Revenue is recorded when the product is delivered. Revenue Recognition Principle (h) All important aspects of bond indentures are presented in ±nancial statements. Full Disclosure Principle (i)Rationale for accrual accounting. Expense Recognition and Revenu
1/27/23, 6:13 PMNWP Assessment Player UI Application https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=1abce6dc-9ce4-4578-b090-e17ec356b38c#/question/22/2(j)The use of consolidated statements is justi±ed. Economic Entity Assumption (k)Reporting must be done at de±ned time intervals. Periodicity Assumption (l) An allowance for doubtful accounts is established. Measurement Principle and Expe (m)Goodwill is recorded only at time of purchase. Measurement Principle (historica (n)A company charges its sales commission costs to expense. Expense Recognition Principle
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