Question 18: Match each GAAP element listed to its description. Time-period principle Expenses are aligned to revenue for the same DROP HERE Matching principle Business activities are divided into time periods. DROP HERE Business entity principle When an item is reported, its significance is considered. DROP HERE Materiality principle The business is separate from the owner. DROP HERE Objectivity principle period. Business statements are based on objectivity. DROP HERE The assumption of the going concern The business will be in operation indefinitely. DROP HERE