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 h may be used more than once or not at all.)

a. consistency

b. time period

c. realization

d. full disclosure

e. business entity

f. historical cost

g. going concern

h. transaction approach

____ 1. Land is recorded at $10,000, which was the amount paid. Current value of the land is $25,000.

____ 2. The company uses the same accounting principle from period to period.

____ 3. Financial statements are prepared periodically.

____ 4. Subscriptions paid in advance are recorded as unearned subscription income.

____ 5. The accountants determine that the company is in danger of going bankrupt and therefore refuse to certify the statements as prepared

____ 6. The company loses a major customer and does not record a loss.

____ 7. All significant financial transactions are reported.

____ 8. Personal transactions of the stockholders are not recorded on the company's financial statements according to generally accepted accounting principles.