12) (10 marks) Listed below are phrases that state the application of a qualitative characteristic, accounting principle, or assumption. Required: For each phrase, state the specific qualitative characteristic, accounting principle, or assumption that would apply from the list given below. Be sure to include the word assumption, principle, or characteristic as part of your answer. The same answer may apply to more than one phrase. Relevance Characteristic Economic Entity Assumption Matching Principle Going Concern Assumption Monetary Unit Assumption Historical Cost Principle Representational Faithfulness Characteristic Revenue Recognition Principle Comparability Characteristic Full Disclosure Principle Periodicity Assumption Understandability Characteristic For example: Presentation of timely information with predictive and feedback value. Relevance Characteristic 1) Stable-dollar assumption (do not use historical cost principle). 2) Earning process completed and realized or realizable. 3) Presentation of error-free information. 4) Yearly financial reports. 5) Accruals and deferrals in adjusting and closing process. (Do not use going concern assumption.) 1988 188 FINAL EXAM-Intermediate Accounting 20 5) Accruals and deferrals in adjusting and closing process. (Do not use going concern assumption.) 6) Useful standard measuring unit for business transactions. 7) Notes as part of necessary information to a fair presentation. 8) Affairs of the business distinguished from those of its owners. 9) Business enterprise assumed to have a long life in the future. 10) Application of the same accounting principles as in the preceding year