QUESTION 7 (14 marks 25 minutes) Explain the following terms in your own words: Economic entity assumption 1) Accounting policy 2) Accrual basis assumption 3) Comparability 4) Conservatism (prudence) 5) Constraints 6) Disclosure principle 7) Going-concern (continuity) assumption 8) Matching principle 9) Materiality 10) Monetary unit principle 11) Objectivity principle 12) Relevance 13) Reliability QUESTION 7 (14 marks 25 minutes) Explain the following terms in your own words: Economic entity assumption 1) Accounting policy 2) Accrual basis assumption 3) Comparability 4) Conservatism (prudence) 5) Constraints 6) Disclosure principle 7) Going-concern (continuity) assumption 8) Matching principle 9) Materiality 10) Monetary unit principle 11) Objectivity principle 12) Relevance 13) Reliability Downloaded by Regesia Kamati (joykamati@gma 14) Revenue realisation principle 15) Substance over form 16) Understandability