1. Accounting entity assumption 2. Going concern assumption 3. Accrual basis assumption 4. Period assumption 5. Relevance 6. Faithful representation 7. Comparability 8. Verifiability 9. Materiality 10. Timeliness 11. Understandability Identify by number the accounting assumption or characteristic that describes each situation below. Type the number of the correct assumption or characteristic into the field provided. Do not use a number more than once. (a) Repair tools are expensed when purchased. These repair tools have a useful life of more than one accounting period. (b) Two business financial reports can be viewed together. (c) No information is missing or biased