Question 1 (6 marks) Each of the following statements is justified by an accounting concept. Identify the concept that is appropriate in each case. Statement 1. Weighs the cost of providing information to financial statement users against the benefit to be derived. 2. Report assets that are actively traded at their market price. 3. Information that has a bearing on a decision. 4. Economic events can be identified with a particular unit of accountability. 5. An item large enough to influence the decision of an investor or creditor. 6. Same accounting principles and methods used from year to year within a company. 7. The belief that a company will remain in operation for the foreseeable future. 8. The practice of preparing financial reports at regular intervals. 9. Reporting all information that would influence financial statement users. 10. Different companies using the same accounting principles. 11. Reporting only those transactions that can be measured in dollars. 12. The belief that assets should be reported at their purchase price Accounting Concept