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Certain underlying considerations have had an impact on the development of generally accepted accounting principles. Following is a list of these underlying considerations, as well as a list of statements describing them. Match the description with the appropriate term Revenue must be recognized when it is realized (realization concept), and expenses are recognized when incurred (matching concept) Choose... This concept deals with when to recognize the costs that are associated with the recognized revenue Choose... The assumption is made that the entity will remain in business for an indefinite period of time Choose... Some companies use accounting reports that do not conform to the general theory that underlies accounting Choose... Accountants need some standard of measure to bring financial transactions together in a meaningful way Choose... Of the various values to be used, this value has been selected Choose... becasue it is objective and determinable The accountant is required to adhere as closely as possible to Choose... verifiable data possible to The accountant is required to adhere as closely as Choose... verifiable data The business for which the financial statements are separate and distinct from owners prepared is Choose... Accounting reports must disclose all facts that may influence the judgment of an informed reader Choose... Revenue should be recognized when the earnings process is virtually complete and the exchange value can be objectively determined Choose... With this assumption, inaccuracies of accounting for the entity short of its complete life span are accepted Choose... The accountant records only events that affect the financial position of Choose... the entity and, at the same time, can be reasonably determined in monetary terms Choose... This concept involves the relative size and importance of an item The entity must give the same treatment to comparable transactions from period to period Choose... The measurement with the least favorable effect on net income and Choose... must be selected financial position in the current period Revenue must be recognized when it is realized (realization concept), and expenses are recognized when incurred (matching Choose... concept) Choos... This concept deals with when to recognize the costs that are associated with the recognized revenue realization The assumption is made that the entity will remain in business for indefinite period of time accrual basis an Some companies use accounting reports that do not conform to the general theory that underlies accounting full disclosure conservatism Accountants need some standard of measure to bring financial transactions together in a meaningful way S materiality Of the various values to be used, this value has been selected becasue it is objective and determinable The accountant is required to adhere as closely as possible to verifiable data matching historical cost transaction approach The business for which the financial statements are prepared is separate and distinct from owners consistency Accounting reports must disclose all facts that may influence the time period judgment of an informed reader going-concem Revenue should be recognized when the earnings process is virtually complete and the exchange value can be objectively determined business entity industry practices With this assumption, inaccuracies of accounting for the entity wenue must be recognized when it is realized (realization hcept), and expenses are ncept) Choose... recognized when incurred (matching realization his concept deals with when to recognize the costs that are ssociated with the recognized revenue accrual basis full disclosure he assumption is made that the entity will remain in business for n indefinite period of time conservatism CC Some companies use accounting reports that do not conform to the general theory that underlies accounting Accountants need some standard of measure to bring financial transactions together in a meaningful way materiality matching historical cost Of the various values to be used, this value has been selected becasue it is objective and determinable transaction approach The accountant is required to adhere as closely as possible to verifiable data consistency The business for which the financial statements are prepared is time period separate and distinct from owners going-concern Accounting reports must disclose all facts that may influence the judgment of an informed reader business entity Revenue should be recognized when the earnings process is virtually complete and the exchange value can be objectively determined industry practices monetary unit With this assumption, inaccuracies of accounting for the entity ebort of ite compito lifo enan are accontod. verifiability Choose... FASB Statements issued by the Financial Accounting Standards Board to provide theoretical foundation on which to base GAAP; they are not part of GAAP Choose... Emerging Issues Task Force (EITF) a Accounting Principles Board (APB) Statements of Financial Accounting Concepts (SFACS) Accounting principles that have substantial authoritative support Statements of Financial Accounting Standards (SFASS) Accounting Principles Board Opinions (APBOS) Serves as the official voice of the AICPA in matters relating to financial accounting and reporting Securities and Exchange Commission (SEC) Financial Reporting Releases (FRRS) Accounting Standards Executive Committee (AsSEC) standards Issued official opinions on accounting standards between 1959 and 1973 Exposure Draft (ED) Financial Accounting Standards Board (FSAB) Adopts auditing standards Accounting Principles Board Statements (APBSs) A proposed Statement of Generally accepted accounting principles (GAAP) Financial Accounting Standards Public Company Accounting Oversight Board (PCAOB) Issued by the SEC and give the SEC's offical position on matters relating to financial statements Discussion Memorandum (DM). Financial Accounting Foundation (FAF) IvoopnaiUie uI auVISy ure Choose... FASB Statements of Financial Accounting Concepts (SFACS) Statements issued by the Financial Accounting Standards Board to provide a theoretical foundation on which to base GAAP; they are not part of GAAP Statements of Financial Accounting Standards (SFASS) Accounting Principles Board Opinions (APBOS) Securities and Exchange Commission (SEC) Financial Reporting Releases (FRRS) Accounting principles that have substantial authoritative support Accounting Standards Executive Committee (ASSEC) Serves as the official voice of the AICPA in matters relating to financial accounting and reporting standards Exposure Draft (ED) Financial Accounting Standards Board (FSAB) Accounting Principles Board Statements (APBSS) Generally accepted accounting principles (GAAP) Issued official opinions on accounting standards between 1959 and 1973 Public Company Accounting Oversight Board (PCAOB) Discussion Memorandum (DM) Adopts auditing standards A proposed Statement of Financial Accounting Standards Financial Accounting Foundation (FAF) American Institute of Certified Public Accountants (AICPA) Issued by the SEC and give the SEC's offical position on matters relating to financial statements Financial Accounting Standards Advisory Council (FASAC) Certified Public Accountants (CPAS) Statments of Position (SOP)