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

a. Economic entity assumption g. Expense recognition principle

b. Going concern assumption h. Full disclosure principle

c. Monetary unit assumption i. Relevance characteristic

d. Periodicity assumption j. Faithful representation characteristic

e. Historical cost principle k. Consistency characteristic

f. Revenue recognition principle

___ 1. Stable-dollar assumption (do not use historical cost principle).

____ 2. The performance obligation is satisfied.

____ 3. Numbers and descriptions match what really existed or happened.

___ 4. Yearly financial reports.

___ 5. Accruals and deferrals in adjusting and closing process. (Do not use going concern.)

____ 6. Useful standard measuring unit for business transactions.

___ 7. Notes as part of necessary information to a fair presentation.

___ 8. Affairs of the business distinguished from those of its owners.

___ 9. Company assumed to have a long life.

___ 10. Valuing assets at amounts originally paid for them.

___ 11. Application of the same accounting principles as in the preceding year.

____ 12. Summarizing significant accounting policies.

____ 13. Presentation of timely information with predictive and confirmatory value.