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12 OF 12 QUESTIONS REMAINING 595 minutes remaining Prompts Submitted Answers Monetary unit assumption Choose a match Revenue recognition principal Key factor is when the performance obligation is satisfied. Faithful representation Stable-dollar assumption. Periodicity assumption Application of the same accounting principles as in the preceding year. Expense recognition principle Business enterprise assumed to have a long life. Asset Economic entity assumption Affairs of the business distinguished from those of its owners. Going concern assumption A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Comparability Relevance O Presentation of error-free information Recording annual depreciation. Question 2 Yearly financial reports. The International Accounting Standards Board's (IASB's) Conceptual Presentation of timely information with predictive and feedback value. A) Objective of financial reporting