Question

Drag the tiles to the correct boxes to complete the pairs.
Match each situation with the relevant principle that the accountant ignored.
Historical cost
Business entity
Dual-aspect
Accounting periodicity
Made only one entry for a transaction->___
Valued assets at current market price->__
Incorporated personal expenses in the company’s book of accounts->__
Recorded a financial transaction for a particular period in the next accounting period

Answer 1

Dual-aspect: made only one entry for a transaction.

Historical cost: valued assets at current market price.

Business entity: incorporated personal expenses in the company’s book of accounts.

Accounting periodicity: recorded a financial transaction for a particular period in the next accounting period.

What is dual aspect?

In Financial accounting, dual aspect can be defined as an accounting principle which states that each financial transaction made by a business must be recorded in two different accounts.

This ultimately implies that, this accountant ignored the dual aspect by making only one entry for a transaction.

What is accounting periodicity?

Accounting periodicity can be defined as an accounting principle which states that a business should report each of its financial transaction within certain designated periods of time, either on a monthly, quarterly, or annual basis.

This ultimately implies that, this accountant ignored the accounting periodicity by recording a financial transaction for a particular period in the next accounting period.

In conclusion, historical cost is an accounting principle which states that assets should be valued and recorded at their acquisition cost, rather than at the current market price.

Read more on historical cost here: https://brainly.com/question/27622433

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