Match the Key Assumptions of Financial Accounting and Reporting to its definition. Note: You will receive partial credit for each correct selection. (Drag and drop values from the "Answer Choices" area to the corresponding correct cells) The business is a separate entity, so the activities of a business must be kept separate from any other financial activities of its business owners. Makes mandatory for companies to record only accounting transactions that can be verified through invoices, billing statements and bank statements. All information that is relative to the business and is important to a lender or investor has to be provided in financial ANSWER CHOICES Classify each accounting characteristic as either Cash Basis or Accrual Basis accounting. Note: You will receive partial credit for each correct selection. (Drag and drop a tile on the left under the correct category) Transactions are recorded/posted when expenses are paid. Transactions are recorded/posted when expenses are incurred. Transactions are recorded/posted when revenue is earned or invoiced. Transactions are recorded/posted when monies are received for services or products sold