Foundational accounting principles and qualitative characteristics Listed below are several foundational accounting principles and qualitative characteristics. Match the letter of each with the appropriate phrase describing its application. Note that each item may be used more than once or not at all.

a. Economic entity assumption g. Matching principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption i. Relevance d. Periodicity assumption j. Reliability e. Historical cost principle k. Comparability f. Revenue recognition principle l. Representational faithfulness 1. Using the Canadian dollar in the financial statements 2. The earning process is completed and realized or realizable. 3. Accounting information reflects the economic substance of the event or transaction. 4. Quarterly financial reports 5. The use of accruals and deferrals in adjusting the accounts 6. Useful standard measuring unit for business transactions 7. Including explanatory notes as part of the financial statements 8. The affairs of the business are distinguished from those of its owners. 9. A business enterprise is 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. Presentation of timely information with predictive and feedback value