The ______________ theory assumes that the business has an indefinite economic life.

When a business prepares its financial statements every half-year to assess its financial performance, it is following the ______________ theory

Mars Corporation purchased land in 2013 for $290,000. In 2021, it purchased another identical parcel of land for $460,000. In 2021, the business learnt that both parcels of land were valued at $920,000. In its 2021 Statement of financial position, the business valued these two parcels of land at $920,000. By reporting the land in this manner, Mars Corp. has violated the ______

Marc Jacobs, owner of Jacob Biscuits, also owns a personal residence that costs $475,000. During preparation of the financial statements for Jacob Biscuits, the accountant included the cost of Marc’s personal residence as part of non-current assets.

The accounting concept that was violated was ...

Credit transactions are business activities where payments are ___________________ during a credit sale or purchase

Led Teo is the proprietor (owner) of Led's Trading, a retailer of golf apparel. When recording the financial transactions of Led's Trading, Led does not record an entry for a car he purchased for personal use.

Led took out a personal loan to pay for the car.

What accounting theory has guided Led's behavior in this situation?

The usual sequence of steps in the accounting information system is:

In recording business transactions, evidence that an accounting transaction has taken place is obtained from _________

The document the business sends to its credit customer for sales made is the _____________