Question

Matching Question 175 Select the appropriate terms for the following statements. Weighs the cost of providing information to financial statement users against the benefits to be derived. Report assets that are actively traded at their market price. 2. 3. Fair value principle Monetary unit assumption Information that has a bearing on a decision. Economic events can be identified with a particular unit of accountability. An item important enough to influence the decision of an investor or creditor. Same accounting principles and methods used from year to year within a company. The belief that a company will remain in operation for the forseeable future. The practice of preparing financial reports at regular intervals. Reporting all information that would influence financial statement users. Cost constraint Going concern assumption 8. Economic entity assumption Comparability Different companies using the same accounting principles. Full disclosure principle 11. Materiality Reporting only those transactions that can be measured in dollars. The belief that assets should be reported at their purchase price. Rele 12. Click if you would like to show Work for this question: Open s Periodicity assumption Consistency Historical cost principle SAVE Question Attempts: 0 of 1 used

Answer 1

1	Weighs the cost of providing information to financial statement users against the benefits to be derived.	Cost constraint
2	Report assets that are actively traded at their market price.	Fair value principle
3	Information that has a bearing on a decision.	Relevance
4	Economic events can be identified with a particular unit of accountability.	Economic entity assumption
5	An item important enough to influence the decision of an investor or creditor	Materiality
6	Same accounting principles and methods used from year to year within a company	Consistency
7	The belief that a company will remain in operation for the foreseeable future	Going Concern Assumption
8	The practice of preparing financial reports at regular intervals	Periodicity assumption
9	Reporting all information that would influence financial statement users	Full disclosure principle
10	Different companies using the same accounting principles	Comparability
11	Reporting only those transactions that can be measured in dollars.	Monetary unit assumption
12	The belief that assets should be reported at their purchase price	Historical cost principle