Match the foundational accounting concepts and qualitative characteristics with the appropriate phrase describing its application. Note that each item may be used more than once or not at all.

1.		Using the Canadian dollar in the financial statements.		Historical CostMatchingMonetary UnitFaithful RepresentationFull DisclosureRevenue RecognitionGoing Concern AssumptionPeriodicityMaterialityComparabilityReporting EntityRelevance
2.		An increase in an asset or a decrease in a liability due to ordinary profit-generating activities.		Full DisclosurePeriodicityFaithful RepresentationGoing Concern AssumptionHistorical CostMaterialityRelevanceRevenue RecognitionMonetary UnitReporting EntityComparabilityMatching
3.		Accounting information reflects the economic substance of the event or transaction.		Faithful RepresentationComparabilityHistorical CostGoing Concern AssumptionRevenue RecognitionPeriodicityReporting EntityMonetary UnitMaterialityRelevanceFull DisclosureMatching
4.		Quarterly financial reports are prepared.		MaterialityFull DisclosureComparabilityHistorical CostFaithful RepresentationGoing Concern AssumptionReporting EntityMonetary UnitMatchingPeriodicityRevenue RecognitionRelevance
5.		Cost of goods sold is recognized each time a sale of goods is recognized.		Full DisclosureRelevanceRevenue RecognitionReporting EntityFaithful RepresentationHistorical CostGoing Concern AssumptionMonetary UnitPeriodicityMatchingComparabilityMateriality
6.		The Canadian dollar is used to measure economic activity.		Faithful RepresentationReporting EntityRevenue RecognitionRelevanceGoing Concern AssumptionMonetary UnitPeriodicityHistorical CostMatchingFull DisclosureComparabilityMateriality
7.		Including explanatory notes as part of the financial statements.		Faithful RepresentationPeriodicityComparabilityHistorical CostRelevanceGoing Concern AssumptionFull DisclosureMatchingMonetary UnitRevenue RecognitionMaterialityReporting Entity
8.		The affairs of the business are distinguished from those of its owners.		Faithful RepresentationHistorical CostMatchingRelevanceRevenue RecognitionGoing Concern AssumptionReporting EntityComparabilityFull DisclosureMonetary UnitMaterialityPeriodicity
9.		A business enterprise is assumed to have a long life.		Reporting EntityComparabilityRevenue RecognitionPeriodicityFaithful RepresentationFull DisclosureHistorical CostMaterialityMatchingRelevanceMonetary UnitGoing Concern Assumption
10.		Valuing assets at amounts originally paid for them.		ComparabilityGoing Concern AssumptionRelevanceMaterialityFaithful RepresentationFull DisclosureReporting EntityMatchingPeriodicityHistorical CostRevenue RecognitionMonetary Unit
11.		Application of the same accounting principles as in the preceding year.		Historical CostMaterialityComparabilityFaithful RepresentationReporting EntityRelevanceFull DisclosurePeriodicityGoing Concern AssumptionRevenue RecognitionMonetary UnitMatching
12.		Presentation of timely information with predictive and feedback value.		Faithful RepresentationFull DisclosureComparabilityGoing Concern AssumptionMatchingPeriodicityMonetary UnitReporting EntityMaterialityHistorical CostRelevanceRevenue Recognition