Question

Under accounting principles generally accepted in the United States, in order for an item to qualify for recognition in the financial statements of a company, the item must I. Be measurable in monetary terms II. Reflect the consensus expectations of investors III. Meet the definition of an element of the financial statements

Answer 1

I Be measurable in monetary term

III Meet the definition of an element of the financial statements

Step-by-step explanation:

Financial Statements can be regarded as reports which provide the detail of the financial information entry, these includes assets, incomes, liabilities,as well as equities, and sone information which are during the period of time.

Therefore, for an item to be able to qualify for recognition in a particular financial statements,

the definition of an element of financial statements must be met hich are;

1) measurable

2) be relevant to the particular users

3) information must be verifiable

It should be noted that Under accounting principles generally accepted in the United States, in order for an item to qualify for recognition in the financial statements of a company, the item must be;I )Be measurable in monetary term

III)Meet the definition of an element of the financial statements