2 Accounting concepts matching Listed below are several information characteristi Match the letter of each with the appropriate pa k may be used more than once or not at all) c s th a Economic entity assumption b. Going concern assumption c. Monetary unit assumption d. Periodicity assumption e Historical cost principle f. Revenue recognition principle Expense recognition principle h Full disclosure princi 1. Relevance characteristic Faithful representation characters k. Consistency characteristic 1. Stable-dollar assumption (do not use historical cost principle). 2. The performance obligation is satisfied. 3. Numbers and descriptions match what really existed or happened. 4. Yearly financial reports. 5. Accruals and deferrals in adjusting and closing process. (Do not use going concern.) 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. Company assumed to have a long life. - 10. Valuing assets at amounts originally paid for them. 11. Application of the same accounting principles as in the preceding year. 12. Summarizing significant accounting policies