Question

help please

Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. The information is free of error and bias. The economic life of a business can be subdivided into months, quarters Or a year. - The assumption that the unit of measure remains relatively constant over time. e activities of a company are kept separate and distinct from activities of the owner and all other companies. The assumption that the enterprises will continue n operations long enough to carry out its existing objectives. Requires that circumstances and events that make a difference to financial statement users be reported. Dictates that revenue should be recognized in the accounting period in which it is earned. Assets should be recorded at the price paid at the date of acquisition. Expenses are deducted from revenues in the period in which efforts are made to generate revenues.

Answer 1

1. i- Consistency.

2. j - Reliability

3. b - Time period

4. f -Monetary unit

5. a- Economic entity assumption

6. g- Going concern assumption

7. c- Full disclosure

8. e- Revenue recognition

9. d- Cost principle

10. h- Matching principle