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PLLRUL HOW Listed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (items a through k may be used more than once or not at all.) a. Economic entity assumption g. Expense recognition principle b. Going concern assumption h. Full disclosure principle c. Monetary unit assumption 1. Relevance characteristic d. Periodicity assumption ). Faithful representation characteristic e. Historical cost principle k. Consistency characteristic f. Revenue recognition principle i 1. Affairs of the business distinguished from those of its owners. 2. Application of the same accounting principles as in the preceding year. 3. Company assumed to have a long life. 4. Numbers and descriptions match what really existed or happened. 5. Notes as part of necessary information to a fair presentation. 6. Accruals and deferrals in adjusting and closing process. (Do not use going concern.) 7. Stable-dollar assumption (do not use historical cost principle). 8. Yearly financial reports. 9. The performance obligation is satisfied. 10. Useful standard measuring unit for business transactions. 11. Valuing assets at amounts originally paid for them. 12. Presentation of timely information with predictive and confirmatory value. 13. Summarizing significant accounting policies