Question

Listed below are several information, characteristics, andaccounting principles and assumptions. Match the term with theappropriate phrase that states its application.
(Points : 30)

Potential Matches:

1 : Application of the same accounting principles as in thepreceding year

2 : Earning process completed and realized or realizable

3 : Notes as part of necessary information to a fairpresentation

4 : Valuing assets at amounts originally paid for them

5 : Yearly financial reports

6 : Stable dollar assumption

7 : Affairs of the business distinguished from those of itsowners

8 : Presentation of error-free information withrepresentational faithfulness

9 : Business enterprise assumed to have a long life

10 : Accruals and deferrals in adjusting and closingprocess

Answer

: Monetary unit assumption

: Revenue recognition principle

: Reliability characteristic

: Periodicity assumption

: Matching principle

: Full disclosure principle

: Economic entity assumption

: Going concern assumption

: Historical cost principle

: Consistency characteristic