fundamentals of accounting

Question No. 2 The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards. Relevance Expense recognition principle Faithful representation Page 1 of 1 J i Time period assumption Comparability Going concern assumption Consistency Cost principle Monetary unit assumption Full disclosure principle Economic entity assumption Materiality constraint Match each item above with a description below. 1. Ability to easily evaluate one company's results relative to anothers. 2. Belief that a company will continue to operate for the foreseeable future. 3. The judgment concerning whether an item is large enough to matter to decision-makers. 4. The reporting of all information that would make a difference to financial statement users. 5. The practice of preparing financial statements at regular intervals. 6. The quality of information that indicates the information makes a difference in a decision. 7. A belief that items should be reported on the balance sheet at the price that was paid to acquire the item. B. A company's use of the same accounting principles and methods from year to year. 9. Tracing accounting events to particular companies. 10. The desire to minimize errors and bias in financial statements. 11. Reporting onlyr those things that can be measured in dollars. 12. Dictates that efforts (expenses) be matched with results (revenues)