Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the letter of each with the appropriate statement. Dont use a letter more than once.

F. Characteristic that permits users to identify similarities in and differences between two sets of economic phenomena.

G. Information that is capable of making a difference in the decision of users in their capacity as capital providers.

J. The basic assumption/principle that makes depreciation and amortization policies justifiable and appropriate.

D. A company provides supplementary information to explain the effects of financing arrangements.

- The principle/assumption that implies that officers salaries are most often charged to the current period and not carried into future periods.

B. Characteristic that assures users that information represents the economic phenomena that it intends to represent.

- Characteristic that allows users to comprehend the meaning of the information.

L. The principle/assumption that implies that economic activity can be identified with a particular unit of accountability.

E. The principle/assumption that is applied when a company reports land on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater.

Question 7 4.5 points Save Ans Presented below are several qualitative characteristics, accounting principles, assumptions, and constraints. Match the letter of each with the appropriate statement. Don't use letter more than once. F. Characteristic that permits users to identify similarities in and A. Verifiability differences between two sets of economic phenomena. B. Faithful representation G. Information that is capable of making a difference in the decision of users in their capacity as capital providers. C. Timeliness J. The basic assumption/principle that makes depreciation and D. Full disclosure principle amortization policies justifiable and appropriate. E. Cost principle D. A company provides supplementary information to explain the effects of financing arrangements. F. Comparability The principle/assumption that implies that officers' salaries are most G. Relevance often charged to the current period and not carried into future periods. H. Revenue recognition principle B. Characteristic that assures users that information represents the 1. Expense recognition principle economic phenomena that it intends to represent. J. Going concern assumption Characteristic that allows users to comprehend the meaning of the information. K. Understandability L. Economic entity assumption The principle/assumption that implies that economic activity can be identified with a particular unit of accountability. M. Monetary unit assumption E v The principle/assumption that is applied when a company reports land N. Periodicity assumption on its statement of financial position at the amount paid to acquire it, even though the estimated fair value is greater