Basic Accounting Principles Match the following list of accounting concepts, principles, and assumptions with the definitions below:

1. Ability to compare the financial performance of different companies.
2. Assumption that a company will continue to operate beyond the current period.
3. Only items large enough to make a difference to a user must be disclosed in the financial statements.
4. Prepare financial statements at set time intervals.
5. Record assets on the balance sheet at an amount equal to what was paid for them.
6. A company prepares its financial statements using the same methods used in prior periods.
7. All items of importance to the users of financial statements should be disclosed in the annual report.

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Accounting period concept Going concern concept Consistency Materiality constraint Comparability Cost principle Full disclosure principle