Match each of the numbered descriptions with the principle or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each description.
A. Cost principle
B. Matching principle
C. Specific accounting principle
D. Full disclosure principle
E. General accounting principle
F. Business entity assumption
G. Revenue recognition principle
H. Going-concern assumption
_______ | 1. | Revenue is recorded only when the earnings process is complete. |
_______ | 2. | Information is based on actual costs incurred in transactions. |
_______ | 3. | Usually created by a pronouncement from an authoritative body. |
_______ | 4. | Financial statements reflect the assumption that the business continues operating. |
_______ | 5. | A company reports details behind financial statements that would impact users’ decisions. |
_______ | 6. | A company records the expenses incurred to generate the revenues reported. |
_______ | 7. | Derived from long-used and generally accepted accounting practices. |
_______ | 8. | Every business is accounted for separately from its owner or owners. |
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