identify the most suitable accounting concept and match it with the following

Entity concept Monetary concept Periodicity concept Substance over form Materiality concept Double entry Historical cost Going concern concept concept concept Matching concept Prudence concept Consistency concept 1. 2. 3. 4. 5. 6. 7. This concept indicates that personal and business record-keeping should be separately maintained indicates that market value changes subsequent to purchase are not recorded in the accounts. Most people will agree to the monetary value of transaction. There are two aspects of accounting that should be equal all the time. Financial statements are prepared in one year. Takdir Enterprise prepared its financial statement on the assumption that the company will continue its operation for unforeseeable future and has neither the intention nor the need to liquidate. Once a particular accounting method is adopted by a business, it must be followed during the subsequent years. In preparing a financial statement, the accountant should take a figure which will understate profit, rather than overstate it. An enterprise bought a lorry worth RM100,000 and from a legal point of view, the lorry does not belong to the enterprise until all the hire purchase instalments have been paid, and an option has been taken up whereby the enterprise takes over legal possession of the lorry. Net income is determined by a matching process whereby the expenses incurred in an accounting period are matched by subtracting from the revenues eamed in the same period. 8. 9. 10