Listed below are 12 foundational accounting principles and qualitative characteristics: A. Economic entity assumption B. Going concern assumption C. Monetary unit assumption D. Periodicity assumption E. Historical cost principle F. Revenue recognition principle G. Matching principle H. Full disclosure principle I. Relevance J. Reliability K. Comparability L. Representational faithfulness Required Match the letters above with the appropriate phrase describing its application below. Note that each item may be used more than once or not at all. 1. Using the Canadian dollar in the financial statements (1 mark) 2. The earning process is completed and realized or realizable (1 mark) 3. Accounting information reflects the economic substance of the event or transaction (1 mark) 4. Quarterly financial reports (1 mark) 5. The use of accruals and deferrals in adjusting the accounts (1 mark) 6. A useful standard measuring unit for business transactions (1 mark) 7. Including explanatory notes as part of the financial statements (1 mark) 8. The affairs of the business are distinguished from those of its owners (1 mark) 9. A business enterprise is assumed to have a long life (1 mark) 10. Valuing assets at amounts originally paid for them (1 mark) 11. Application of the same accounting principles as in the prior year (1 mark) 12. Presentation of timely information with predictive and feedback value (1 mark)