Question 1.3 (Total: 36 marks; 3 marks each) Chapter 2 introduces you to the foundational principles and qualitative characteristics of accounting, which are as follows: a) Economic entity assumption b) Going concern assumption c) Monetary unit assumption d) Periodicity assumption e) Historical cost principle f) Revenue recognition principle g) Matching principle h) Full disclosure principle I) Relevance j) Reliability k) Comparability l) Representational faithfulness For each situation that follows, identify the foundational principle of accounting or qualitative characteristics that are most applicable. Hint: Each item may be used more than once or not at all. 1. The learning process is completed and realized or realizable: __________ 2. Quarterly financial reports: __________ 3. The use of accruals and deferrals in adjusting the accounts: __________ 4. Useful standard measuring unit for business transactions: __________ 5. Including explanatory notes as part of the financial statements: __________ 6. The affairs of the business are distinguished from those of its owners: __________ 7. A business enterprise is assumed to have a long life: __________ 8. Valuing assets at amounts originally paid for them: __________ 9. Application of the same accounting principles as in the preceding year: __________ 10. Presentation of timely information with predictive and feedback value: __________ 11. Using the Canadian dollar in the financial statements: __________ 12. Accounting information reflects the economic substance of the event or transaction: __________.