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Listed below are 10 terms and 10 definitions. For each definition, select the letter corresponding to the proper term. 1. 2. A. Money Measurement Principle
Listed below are 10 terms and 10 definitions. For each definition, select the letter corresponding to the proper term. 1. 2. A. Money Measurement Principle B. Business Entity Concept C. Going Concern Principle D. Cost Concept E. Realization Principle F. Time Period Concept G. Matching Principle H. Full Disclosure Principle I. Accrual Accounting Method J. Cash Accounting Method The entity will continue to operate indefinitely. Financial statements include all information that may affect the user's understanding of the entity. 3. Value is based on the cost of the asset. Accounting measures transactions in terms of money. 5. Financial information is reported for distinct time periods. 6. Assigns revenue to the period earned and expenses to period incurred. 7. 8. 9. 10. Expenses are linked with revenues. Keeping records for agencies and organizations separate. Revenue is posted at the time goods or services are furnished. Assigns revenue to the period collected and expenditures to the period paid
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