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(TCO A) Listed below are several information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match thenumber of each

(TCO A) Listed below are several information characteristics and accounting principles and assumptions. Each of these items is assigned a number. Match thenumber of each with the appropriate phrase that states its application. Note:Each answer may be used multiple times. (Points : 30)
Potential Matches:
1 : Expense recognition principle
2 : Materiality
3 : Full disclosure principle
4 : Historical cost principle
5 : Periodicity assumption
6 : Revenue and expense recognition principles
7 : Conservatism
8 : Industry practices or fair value principle
9 : Revenue recognition principle
10 : Economic entity assumption
Answer
:Fair value changes are not recognized in the accounting records
:Repair tools are expensed when purchased
:Financial information is presented so that investors will not be misled
:Rationale for accrual accounting
:Intangible assets are capitalized and amortized over periods benefited
:Agricultural companies use fair value for purposes of valuing crops
:Lower of cost or market is used to value inventories
:Revenue is recorded at point of sale
:The use of consolidated statements is justified

:

Reporting must be done at defined time intervals

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