Fill in the blanks with the accounting concept principles that best reflect the following descriptions:

1. For accounting purposes, the proprietor of an enterprise has always been considered to be separate and distinct from the business which he controls or owns. Answer: 2. A business will continue to operate in the foreseeable future. Answer: Words list Consistency method Time interval concept Materiality concept Business entity concept Money measurement concept Going concern concept Accrual concept 3. Once an accounting method is chosen; it should be used both within one accounting period and from one accounting period to another. Answer: 4. A transaction is considered to be a material if it significantly affects the reported net income of the business. Answer: 5. The purchasing power of the unit of measurement used in accounting, the RM does not change. Answer: 6. The economic activities of a business can be divided into regular time periods. Answer: 7. The recognition of revenues when earned and expenses incurred regardless of when cash is received or paid