A list of accounting concepts follows:

1.

Revenue recognition

2.

Matching

3.

Full disclosure

4.

Historical cost

5.

Expense recognition

6.

Realizable value

Match these concepts to the following statements.

(a)

Hirjikaka Company reports information about pending lawsuits in the notes to its financial statements.

select an accounting concept

answer?

(b)

Sudin Company reduces prepaid insurance to reflect the insurance that has expired.

select an accounting concept

answer?

(c)

Joss Company records revenue when its performance obligation is satisfied.

select an accounting concept

answer?

(d)

Law Company records revenue as it completes services for its clients, not when the client pays cash.

select an accounting concept

answer?

(e)

Hilal Company reports its land at the price it paid for it, not at what it is now worth.

select an accounting concept

answer?

(f)

Rich Company reports inventory at the lower of cost and the estimated selling price less costs needed to make the sale.

select an accounting concept

answer?

(g)

Nickel Company depreciates its mining equipment using the units-of-production method.

answer?