Proficient: Discuss the effects of four of the five major accounting assumptions on the accounting process. Distinguished: Identify and completely discusses all five of the major accounting
Proficient: There are other basic accounting concepts that affect accounting for entities. List and describe four of the five concepts’ impact on the accounting process. Distinguished: List and
describe all five concepts’ impact on the accounting process.
Proficient: GAAP set forth standards or methods for presenting financial accounting information. List and describe the purpose for four of the five major accounting principles. Distinguished: List
and describe all five major accounting principles.
Proficient: In certain instances, companies do not strictly apply accounting principles because of modifying conventions or constraints. Identify and describe the impact on the accounting process
of the three modifying conventions as presented in the Accounting Principles: A Business Perspective, Financial Accounting text. Distinguished: Provide an example of where each modifying convention
or constraint may be employed.
Basic: Correctly state the letter or letters of the principle(s), assumption(s), or concept(s) used to justify the accounting procedure followed for at least four or five of the accounting
procedures. These procedures are all correct. Principle(s), assumption(s), concept(s):
A. Business entity. B. Conservatism. C. Earning principle of revenue recognition. D. Going concern (continuity). E. Exchange-price (cost) principle. F. Matching principle. G. Period cost (or
principle of immediate recognition of expense). H. Realization principle. I. Stable dollar assumption.