Match several information characteristics and accounting principles and assumptions with the appropriate phrase that states its application.

1.Stable-dollar assumption (do not use historical cost principle).Full disclosure principleRelevance characteristicMonetary unit assumptionGoing concern assumptionPeriodicity assumptionHistorical cost principleRevenue recognition principleConsistency characteristicFaithful representation characteristicEconomic entity assumptionExpense recognition principle

2.The performance obligation is satisfied.Full disclosure principleConsistency characteristicPeriodicity assumptionEconomic entity assumptionHistorical cost principleFaithful representation characteristicRevenue recognition principleMonetary unit assumptionExpense recognition principleGoing concern assumptionRelevance characteristic

3.Numbers and descriptions match what really existed or happened.Consistency characteristicMonetary unit assumptionRelevance characteristicFull disclosure principleRevenue recognition principleHistorical cost principleFaithful representation characteristicExpense recognition principlePeriodicity assumptionEconomic entity assumptionGoing concern assumption

4.Yearly financial reports.Economic entity assumptionFull disclosure principleRevenue recognition principleConsistency characteristicRelevance characteristicMonetary unit assumptionPeriodicity assumptionGoing concern assumptionHistorical cost principleExpense recognition principleFaithful representation characteristic

5.Accruals and deferrals in adjusting and closing process. (Do not use going concern.)Revenue recognition principlePeriodicity assumptionExpense recognition principleHistorical cost principleRelevance characteristicFull disclosure principleFaithful representation characteristicConsistency characteristicEconomic entity assumptionGoing concern assumptionMonetary unit assumption

6.Useful standard measuring unit for business transactions.Historical cost principleEconomic entity assumptionFaithful representation characteristicPeriodicity assumptionConsistency characteristicGoing concern assumptionMonetary unit assumptionRevenue recognition principleExpense recognition principleFull disclosure principleRelevance characteristic

7.Notes as part of necessary information to a fair presentation.Full disclosure principleEconomic entity assumptionRelevance characteristicHistorical cost principleConsistency characteristicRevenue recognition principleFaithful representation characteristicGoing concern assumptionMonetary unit assumptionPeriodicity assumptionExpense recognition principle

8.Affairs of the business distinguished from those of its owners.Expense recognition principlePeriodicity assumptionFull disclosure principleRevenue recognition principleEconomic entity assumptionFaithful representation characteristicConsistency characteristicGoing concern assumptionHistorical cost principleRelevance characteristicMonetary unit assumption

9.Company assumed to have a long life.Periodicity assumptionGoing concern assumptionFull disclosure principleRelevance characteristicFaithful representation characteristicConsistency characteristicEconomic entity assumptionMonetary unit assumptionExpense recognition principleRevenue recognition principleHistorical cost principle

10.Valuing assets at amounts originally paid for them.Monetary unit assumptionPeriodicity assumptionRevenue recognition principleRelevance characteristicFaithful representation characteristicExpense recognition principleConsistency characteristicFull disclosure principleEconomic entity assumptionHistorical cost principleGoing concern assumption

11.Application of the same accounting principles as in the preceding year.Expense recognition principlePeriodicity assumptionEconomic entity assumptionFaithful representation characteristicHistorical cost principleFull disclosure principleConsistency characteristicGoing concern assumptionRelevance characteristicMonetary unit assumptionRevenue recognition principle

12.Summarizing significant accounting policies.Expense recognition principleRevenue recognition principleEconomic entity assumptionConsistency characteristicHistorical cost principleFull disclosure principleFaithful representation characteristicRelevance characteristicGoing concern assumptionMonetary unit assumptionPeriodicity assumption

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