Required: Match the following descriptions with the four underlying assumptions of generally accepted accounting principles. Assumptions Descriptions a. A common denominator is needed to measure all business activities. C. b. Economic events can be identified with a particular economic body. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely. The economic life of a company can be divided into artificial time intervals for financial d. reporting. Required: Match the following descriptions with the four underlying assumptions of generally accepted accounting principles. Assumptions Descriptions a. A common denominator is needed to measure all business activities. b. Economic events can be identified with a particular economic body. In the absence of information to the contrary, it is anticipated that a business entity will c. continue to operate indefinitely. The economic life of a company can be divided into artificial time intervals for financial d. reporting. Economic entity Going concern Monetary unit Periodicity