The concepts of accounting covered in Chapters 2 through 6 are shown below. Match each transaction with its related concept by entering the appropriate letter in the space provided. Use only one letter for each blank space.

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Concepts (1) Users of financial statements (2) Objoclivo uf financial statements Qualitative Characteristics (3) Relevance (4) Vordability (5) Matoriality Assumptions (6) Separate entity (7) Continuity (8) Unit of meas.re (9) Periodicity Elements of Financial Statements (10) Revenues (11) Expensos (12) Gains (13) Lossea (14) Asses (15) Liabilities (16) Account ng ecuation Principles and Related Concepts (17) Cost (18) Revenue recognition. (19) Malching, (20) Full disclosure Constraints of Accounting (21) Cost (22) Pruderce (23) Industry peculiarities Transactions A. Recorded a $1,000 sale of merchandise on credit. B. Courted Inventoried) the unsold items at the end of the period and valued them in dollars. C. Acquired a vehicle for use in operating the business. D. Reported the amount of depreciation exporse because it likely will affec! important decisions of statement users. E. Identified as the investors, creditors, and others interested in the business. F. Used special accounting approaches because of the uniqueness of the ndustry G. Issued notes payable of $1 million. H. Paid a contractor for an addition to the building with $10,000 cash and $20.000 market value of the company's shares ($30,000 was deemed to be the cash equiva ent price) 1. Engaged an outside independent accountant to aud 1 the financial statements. J. Suld merchandise and rendered services for cash and on credit during the year; then determined the cost of those goods sold and the cost of rendering those services. K. Established an accounting policy that sales revenue shall be recognized only wher ownership of the goods acld passes to the customer. L. To design and prepare the financial statements to assist the users in making decisions. M. Established a policy not to include in the financial statements the personal fir ancial affairs of the owners of the business. N. Sold an asset at a loss that was a peripheral or incidental transaction. C. The value to users of a special financial report excoeds the cost of preparing L P. Valued an asset, such as inventory, at lower than its purchase cas: because its market value is lower. Q. Dated the income statement "For the Year Ended December 31, 2011" R. Used services from outsiders paid cash for some and the remainder on credit. S. Acquired an aase: (a pencil sharpener that will have a useful life of five years) and recorded it as ar expense wher purchased fur $2.99. T. Disclosed in the financial statemeris all relevant financial in formatiur about the business; necessitated the use of notes to the financial statements. U. Sold an asset at a gain that was a poripheral or incidental transaction. V. Assets of $500,000 Liabilities of $300,000 Shareholders' equity of $200,000. W. Accounting and reporting assume a "going concern."