intermediate accounting 1

Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the letter of each with the appropriate statement. Don't use a letter more than once. 4.5 points Save Answer Characteristic that permits users to identify similarities in and differences between A. Relevance two sets of economic phenomena. B. Understandability Information that is capable of making a difference in the decision of users in their capacity as capital providers. C. Comparability The basic assumption/principle that makes depreciation and amortization policies D. Going concern assumption justifiable and appropriate. E. Timeliness A company provides supplementary information to explain the effects of financing arrangements. F. Cost principle The principle/assumption that implies that officers' salaries are most often charged to the current period and not carried into future periods. G. Economic entity assumption H. Revenue recognition principle Characteristic that assures users that information represents the economic phenomena that it intends to represent. 1. Periodicity assumption Characteristic that allows users to comprehend the meaning of the information. J. Faithful representation The principle/assumption that implies that economic activity can be identified with a particular unit of accountability. k. Verifiability L. Monetary unit assumption The principle/assumption that is applied when a company reports land on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater. M. Expense recognition principle N. Full disclosure principle o O 18:10 W PDF 29C ENG