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QUESTION 2 (10 Marks) Match the items below by entering the appropriate code letter in the space provided. A. Relevance G. Working capital B. Going
QUESTION 2 (10 Marks) Match the items below by entering the appropriate code letter in the space provided. A. Relevance G. Working capital B. Going concern assumption H. Verifiability C. Comparability 1. Neutral D. Liabilities J. Faithful representation E. Intangible assets K. Materiality F. Timeliness 1. Information that can be confirmed or duplicated by independent parties 2. Accounting information cannot be selected, prepared, or presented to favour one set of interested users over another 3. Providing information that represents economic reality. 4. The business will remain in operation for the foreseeable future. 5. An omission or statement that could influence the decisions of users. 6. Obligations that result from past transactions 7. Noncurrent assets that do not have physical substance. 8. Different companies using the same accounting principles 9. The excess of current assets over current liabilities 10. Information is available to stakeholders before it loses its ability to influence decisions
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