For each of the situations provided below, identify from the drop-down menu the applicable accounting concept, principle, recognition criterion or constraint. Each concept, principle and recognition criteria should be used only once.

(a)Plant assets were not reported at liquidation value in the entity's accounts. (Hint: Do not use the cost principle.)

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(b)Personal and business record keeping was kept separate for the entity.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(c)All relevant financial information was reported in the general purpose financial reports for the entity.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(d)The dollar was used as the 'measuring stick' to report financial performance and position.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(e)Accounting standards were followed for all items that were reasonably expected to affect decisions made by users of financial statements.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(f)Information on financial performance was provided for the year ending June 2017.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(g)Expenses were recorded when the flow of economic benefits from the entity was probable and could be reliably measured.

Accounting entity concept

Accounting period concept

Cost principle

Expense recognition criteria

Full disclosure principle

Going concern principle

Materiality

Monetary principle

(h)Market value changes subsequent to purchase were not recorded in the financial statements.